State-of-the-art integrated manufacturing facility comes up at an investment of INR 70 crore with financial assistance from TDB, Ministry of Science & Technology, Government of India
ISB Alumni founded S3V Vascular Technologies, a medical devices manufacturing company launched Nextgen PTCA (Percutaneous Transluminal Coronary Angioplasty) Balloon Catheters into domestic market. Floated by alumni of ISB batch of PGPMAX in 2010, S3V was incubated at the ISB. Nearly 90 per cent of equity of the company is held by the alumni of the founding batch of PGPMAX and their friends.
PTCA in layman’s language is a minimally invasive procedure to open up blocked coronary arteries, allowing blood to circulate unobstructed to the heart muscle.
Speaking about the S3V, medical devices market, Dr Bindu Dey, Secretary, Technology Development Board, Ministry of Science & Technology, Government of India said, “We were good on pharma, diagnostics, but on devices front we lag way behind. 75 percent of medical devices used in treatment of cardiovascular treatment are imported. By the year 2025, the medical device market would grow to USD 50 billion and Indian companies must take advantage of it.”
The newly introduced device ‘Nextgen PTCA Balloon Catheters’, according to Badari Narayan, Managing Director is the futuristic product with future full of promises. Currently these medical devices are imported at high cost. We will be shortly launching these products phase wise after obtaining necessary regulatory approvals, informed Badari Narayan.
The advantages of this are manifold such as improved trackability, pushability, low profile and higher burst pressure. It will assist to succeed even in complex anatomies due to enhanced lubricity
The new PTCA Balloon Catheter manufacturing facility set up at Hootgalli Industrial Area, Mysore-Karnataka was just inaugurated by Dr C.N.Manjunath, Director, Sri Jayadeva Institute of Cardiovascular Sciences & Research, Bangalore. The state-of-the-art integrated manufacturing facility will develop futuristic medical devices and is being set up with an Investment of INR 70 crore
Disclosing more on the present medical device industry in India, Narayan opined that India has a huge potential for advanced medical device products in the country. At present about 90 percent medical devices are being imported from other countries. The Indian medical devices market is huge. it is expected to be US $ 8.6 billion in next two years. And industry experts say it has even greater potential to grow to US $ 59 billion by the year 2025. The market is expected to grow 15 to 20 per cent annually, which is much higher than the global industry of 5 to 7 per cent.
Technology Development Board (TDB), Ministry of Science & Technology, Government of India entered into an agreement with S3V Vascular Technologies. Under this agreement TDB, has provided financial assistance to S3V Vascular Technologies to set up an Integrated PTCA Balloon Catheter manufacturing plant and for USFDA (510 K) approval of Percutaneous Transluminal Coronary Angioplasty (PTCA) Balloon Catheter. This was specially done under Make in India programme.
The other products on the anvil to launch include Arterial Sheath, Coated CVC Catheters and Urology Catheters, added Narayan.