An integrated manufacturing facility for developing futuristic medical devices, especially stents and cost-effective products for treatment of heart diseases, has been set up at a cost of ₹70 crore at Hootgalli Industrial Area in Mysuru.
The Technology Development Board (TDB), under the Union Ministry of Science and Technology, is providing ₹ 15-crore support to S3V Vascular Technologies in the effort.
Bengaluru-based S3V Vascular is raising the remaining funds from internal accruals. The company is also launching a new- generation hydrophilic-coated Percutaneous Transluminal Coronary Angioplasty (PTCA) Balloon Catheter.
“It is a futuristic product that holds lots of promise. PTCA is a minimally-invasive procedure to open up blocked coronary arteries and allow blood to circulate smoothly to the heart muscle,” said Badari Narayan, Managing Director of the company.
Phase-wise launch
Currently, these medical devices are imported at high cost. “We will be shortly launching these products phase-wise after obtaining necessary regulatory approvals,” Narayan told newspersons here on Friday.
Bindu Dey, Secretary, TDB, said: “75 per cent of the medical devices used in cardiovascular treatment are imported.”
By 2025, the medical device market would grow to $50 billion, and Indian companies must take advantage of this, she added.