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The World Economic Forum-Telangana Centre for the Fourth Industrial Revolution (WEF-C41R) will be launched during BioAsia 2024 here next month.

To be jointly set up by the World Economic Forum (WEF) and the Telangana government, it will be the world’s first thematic centre focussing on health tech and life sciences.

The agreement for the centre was signed during the meeting between Chief Minister A. Revanth Reddy and WEF President Borge Brende on Tuesday at Davos during the ongoing annual conference of WEF. Later, they made a joint statement about the C4IR Telangana.

According to the state government, it will be a significant milestone in the state’s strength in health tech and life sciences.

Scheduled to be launched on February 28 as part of the BioAsia-2024 conference, the C4IR will focus on leveraging technology to enhance the state’s healthcare under the leadership of Chief Minister Revanth Reddy.

“The initiative aligns with the broader vision of Telangana government and goals of the World Economic Forum, emphasising collaboration to improve people’s lives through enhanced lifestyles and improved quality of living standards," the Chief Ministersaid.

He said that the state government’s commitment to provide better healthcare, technology, and a good life for Telangana’s four crore people through this partnership. He stated that the state government is fully prepared to extend world-class healthcare services to people living in villages and small towns.

IT and Industries Minister D. Sridhar Babu, who was accompanying the Chief Minister, stated that the government is determined to transform Telangana into a global health tech hub, extending services to rural areas.

Dr. Shyam Bishen, Head of World Economic Forum Centre for Health and Healthcare, felt that India has the potential to provide leadership for future of health tech and life sciences and that Telangana is at the forefront.

The C4IR in Hyderabad is expected to become the world’s first healthcare hub, generating jobs in the healthcare sector and fostering collaboration between the government and small and medium enterprises.

"The WEF, confident in achieving the digital healthcare transformation goal, anticipates enhanced service delivery to patients and technological innovations in healthcare," he said.

The Centre is slated to commence operations in Hyderabad in February next year.

The WEF had selected and announced Hyderabad as the location for the C4IR during last year’s annual conference in Davos. The Telangana government and the WEF had signed a collaboration agreement. It was announced that the Centre will be an autonomous, non-profit organisation, leading on policy and governance for healthcare and life sciences.

Telangana is regarded as a leading life sciences hotspot in Asia. It accounts for one-third of global vaccine output and is regarded as the vaccine capital of the world. Also, the state contributes to about 35 per cent of India’s pharmaceutical production.

C4IR Telangana is the 18th centre to join the World Economic Forum’s Fourth Industrial Revolution (4IR) Network, which spans four continents. With establishment of this centre, Telangana will become an important node in the global network of 4IR centres, and it will also help Telangana consolidate its leadership position globally.