Karnataka's GCC policy strengthens its ecosystem for drug and medical device product conceptualization
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Nandita Vijayasimha, Bengaluru
October 09 , 2024
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Karnataka is working to accelerate the pace of investments with its latest policy on Global Capability Centres (GCCs) 2024-29. This according to the state government is a booster shot to the GCCs to help create an ecosystem for drug and medical device product conceptualization and vendor management.
The state has seen significant investments in healthcare and biotechnology infrastructure, making it attractive for GCCs looking to set up operations. These are driven by machine learning, data science, blockchain, and advanced analytics capabilities.
Even as India accounts for 38 GCCs in the lifesciences space, over 20 are in Karnataka at Bengaluru. These include Astra Zeneca, Novo Nordisk, GSK, Baxter, Waters Corporation and most recent is Intuitive, a global technology leader in minimally invasive care and the pioneer in robotic-assisted surgery. Across all sectors of India houses 1,700 GCCs of which 500 are in Bengaluru. Minister for Large & Medium Industries and Infrastructure Development MB Patil noted that the state has the largest share of India's GCC talent, with approximately 35% of the country's this workforce. In recent years, these centres have evolved from traditional back-office roles to become crucibles of innovation, reflecting a significant climb up the value chain. Over 42% of Bengaluru based GCCs have mature innovation programmes and many more are running innovation programs, labs and are supporting start-ups to solve business problems.
The state recently unveiled the GCC policy which is the country’s first in the country. Around 31% of healthcare GCCs maximize Bengaluru's digital solutions to expedite processes like drug discovery and clinical trials, enhancing global healthcare impact through AI/ML and data analytics. The well-established ecosystem with a mix of research institutions, universities and biotech companies, foster innovation and collaboration. These GCCs in the lifesciences and healthcare segment are driving digital tech assignments, key business and corporate functions. The presence of educational institutions and research centers has created a skilled workforce in life sciences, attracting global companies looking for talent. “The policy will focus on incentivizing GCCs to set up operations to showcase the offerings and capabilities with a foundation for growth. It seeks to foster a highly competent and job-ready workforce, contributing to the overall industrial advancement. From an overall industry perspective across sectors including lifesciences, the state department of industry officials said that Karnataka has the potential to expand its position as a premier GCC hub, potentially accommodating over 15% of Forbes 2000 enterprises. This is driven by India’s increasing prominence as the global GCC hub. Furthermore, as the competition for talent remains intense. Karnataka stands as a beacon of innovation and it is drawing industry leaders who will pioneer future advancements. Furthermore, the government is dedicated to encouraging a research-friendly environment that nurtures innovation and intellectual exploration. A key objective is to ensure balanced growth and cultivate a thriving ecosystem that supports seamless GCC operations across Karnataka. In light of these ambitions, the comprehensive GCC policy framework is vital to nurture and sustain Karnataka's growth, said Patil.
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