The Karnataka government on Tuesday said that it will soon lay the foundation stone for a life sciences park, in line with its plans to create an integrated biotechnology ecosystem to leverage the potential of the sector to attract investments, promote innovation and generate jobs in the city and state.
The nine million square feet park will be set up in 52.27 acres at a cost of ₹5,000 crore, the government said in a statement on Tuesday. The project is being built under a public-private partnership model between the state government and Labzone Corp
The 52-acre industrial cluster will form the third component of the Biohelix Park, aimed at strengthening the biotechnology ecosystem of the State.
“Phase one of the new project of around 10 lakh square feet will be completed by December 2022," C.N. Ashwathnarayan, Deputy Chief minister of Karnataka and the minister for Information Technology, Biotechnology Science & Technology said in Benglauru on Tuesday.
The minister added that the lifesciences park was envisioned over two decades ago.
“Today, we are in the forefront when it comes to precision medicine and treatment, live organisms-based treatment, the real time RT-PCR tests etc., have been possible due to pathbreaking R&D in the field of Biotechnology. The agriculture sector will witness a major development with the help of biotechnology," the minister said.
The new life sciences park will be built near the electronic city area of Bengaluru, and as part of the existing space, that already houses Biotech innovation centre and other facilities, it will synergize both IT and biotechnology sectors.
“Information Technology and Biotechnology are leading innovation growth drivers," Kiran Mazumdar Shaw, chairperson of Biocon Ltd and the head of Karnataka’s vision group on Biotechnology said.
She added that the ‘long overdue project’ will attract major biotech players from across the globe that will put Karnataka and India on top of the innovation map of the world.
She added that such a facility would attract major biotech players from across the globe to make use of this integrated park.
The life sciences park is estimated to house more than 150 companies and is expected to generate around ,50,000 jobs, the government said.
Ashwathnarayan said that Karnataka and particularly Bengaluru is home to around 60% of all major biotechnology firms in the country and the park would further leverage the state’s potential to create a hub that would carry out research in areas like biopharma, agriculture and other life sciences.
In a statement, the state government said that Karnataka has 9% market share in Asia’s biotechnology space while India has a total of around 35%.
The statement adds that Karnataka is home to 60% of the country's biotech companies, 380 companies and over 200 startups and the state contributes one third of all biotech exports of the country.
Karnataka has 18% of the total registered biotech startups in the country and has recorded an annual growth rate of 30%, the deputy chief minister said.