Hyderabad: S3V Vascular Technologies has invested Rs 250 crores in the Telangana Medical Devices Park to manufacture enhanced neuro & cardiac medical devices. Badari Narayan, the director of the company made the announcement on Thursday.
The company will manufacture neuro medical devices, and drug coated critical care catheters in Telangana. The company will also be producing a drug eluting stent, which is the first of its kind in the world to be created from an alloy free of nickel and cobalt allergenic ions.
The company also proposed to manufacture metallic Bioresorbable Vascular Scaffolds that will reduce the re-procedure rates. Telangana Medical Devices park is spread over 302 acres in Hyderabad. It is the largest Medical Devices Park in India.
Since its launch, the park has received overwhelming response with more than 50 companies showing keen interest in setting up their manufacturing/R&D units. The state government has taken various initiatives to strengthen the cluster further.
S3V Vascular Technologies was founded by an alumni of the founding batch of PGPMAX at the Indian School of Business (ISB), Hyderabad. As of now the company has a manufacturing plant at Mysuru, Karnataka. Addressing the gathering at the park, Telangana IT minister KT Rama Rao (KTR) said, “I am delighted that Hyderabad is emerging as the Medical Devices Hub of India and we welcome S3V Vascular Technologies to our vibrant ecosystem.”
“The Medical Devices Park in Telangana has witnessed phenomenal growth since its launch in 2017 with investment commitment of Rs 1500 Crores approximately and total employment of around 7000 direct jobs.”
“Government of Telangana is committed to promote research, development, innovation and manufacturing in this segment,” added KTR.
The minister also put out a tweet regarding the event and said, ” Nearly 78% of our medical devices are imported! To encourage more local production, #Telangana Govt has launched medical devices park at Sultanpur in 250 Acres I welcome S3V vascular technologies who’ve come forward to setup a manufacturing facility with ₹250 Cr employing 750.”
Narayan then said, “S3V Vascular Technologies’ mission has been to bring affordable, life-saving, differentiated technologies in minimally invasive healthcare. We plan to invest Rs. 250 crores in Telangana with our commitment to bring advanced technologies that not only makes newer treatment options affordable to the common man but also reduce the healthcare burden on the central and state governments by reducing repeated intervention procedures thus lessening the financial stress on the healthcare ecosystem.
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