Hyderabad: The Telangana government expects to attract new investments of around Rs 20,000 crore from the life sciences companies in the state in the next five years. Unveiling the government’s life sciences policy at BioAsia on Monday, industries minister Jupally Krishna Rao said that the sector is one of the 14 priority sectors identified in the new industrial policy released in December last year.

Hyderabad is already a pharma destination in the country. As part of the policy, a Pharma City will be developed on the outskirts of Hyderabad.

Mr Jupally said that the policy aims at Telangana getting new investment of Rs 20,000 crore by 2020. It also is designed to achieve “export of Rs 50,000 crore worth life sciences products and create direct employment for 50,000 people,” he said. The government also plans to set up a World Pharma Trade Centre by TSIIC in Hyderabad in partnership with Phar-maexcil to promote exports and global trade in pharma.

Other proposals inclu-de life sciences knowledge centre, expanded Genome Valley in Medak, Vaccine testing facility in Hyderabad, Medical devices industrial park at Sultanpur in Medak.