The Karnataka government has set up to 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.
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The 52-acre industrial cluster, which will form the third component, is estimated to be built at a cost of around $500 million.
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.
The life sciences park is estimated to house more than 150 companies and is expected to generate around 50,000 jobs.
The statement adds that Karnataka is home to 60% of the country’s biotech companies 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%.