Mumbai-based Sahajanand Medical Technologies (SMT), India’s largest manufacturer of cardiovascular stents, has begun clinical trials in Europe so that it can compete with global rivals Abbott and Medtronic.
The company said there was a perception that Indian manufacturers were not on a par with global majors. SMT expects the clinical trials being conducted on its Supraflex product line will help it gain a larger share of the European market.
In July, the government put coronary stents into the National List of Essential Medicines. While the government is finalising the price of stents, multinational companies are claiming their products are superior to those made by local firms and they are seeking differential pricing.
A bare metal stent, on an average costs Rs 10,000-20,000 while a drug eluting stent costs Rs 25,000-80,000.
Trials for STM’s Supraflex stents will be conducted in 26 centres in the UK, the Netherlands, Poland, Spain, Italy, Hungary and Bulgaria on a sample set of 1,430 patients.
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“The biggest challenge faced by medical device players from India is perception. We believe we can prove the high quality of our products,” said Ganesh Sabat, chief executive officer of SMT.
“This study will enable SMT to pursue a larger market share in interventional cardiology in Europe,” he added.
SMT in September opened its new research and development centre in Ireland to attract global talent.
“Comparing Supraflex with world standard products will get us into the next growth orbit,” said Bhargav Kotadia, vice-chairman of SMT. “It will help Indian stent manufacturers to get recognition in the industry,” he added.
