S3V Vascular Technologies, a start-up incubated by four graduates at the Indian School of Business (ISB), will be launching its first set of six innovative products under the cardiology and urology division by April next year.
“Once launched, the expected market value of these products will be Rs 170-200 crore in three years,” NG Badari Narayan, managing director, S3V Vascular Technologies, said.
The company was started by four friends NG Badari Narayan, Chava Satyanarayana, Aju Jacob and Ravi Prayaga of the founding class of PGPMAX (Post Graduate Programme in Management for Senior Executives), which was started by ISB in 2010.
It has launched its first prototype product 3V-Avatar, which it claims to be country’s first bioabsorbable endovascular drug coated stent, in the market.
“After the prototype launch, we are now in the evaluation stage. As far as the bioabsorbable endovascular drug coated stent is concerned, the development takes longer, including 18 months to dissolve and another 18 months to carry out tests,” he said.
The company expects to launch the product in the market by 2017.
The start-up also has plans to set up a Rs 20-crore R&D unit and a Rs 120-crore integrated manufacturing facility both in Mysore, and an assembly plant at Visakhapatnam.
“The R&D facility will manufacture products on a pilot basis for regulatory approvals from the DCGI, CE certificate for European markets and US FDA approval for the US market,” he said, adding Phase 1 was expected to complete by December.
The company recently tied up with high networth individuals to raise Rs 20 crore for the first phase of the R&D facility. The project has received nod from the Karnataka government.
Work on the Rs 120-crore facility is expected to start by April, once it gets the approvals from the Karnataka government. The 10-acre facility is wouldcome up in 15 months, he said.
The Vizag unit will be built in two phases - catering to India with the DCGI approval and to the US with USFDA approval, “We need two-three acres of land for the plant and the investment will be close to Rs 30 crore,” he said.
Narayan said there was a huge gap in Indian healthcare system. “ore than 90 per cent of the Indian market is untapped. We see a great opportunity in the domestic market,” he said.
S3V Vascular Technologies is working on 10-15 other products, which are in the R&D stage. It has a 15-member R&D team operating out of Hyderabad. “We will increase the number to 40 once we will shift to the Mysore facility,” he said.
The company aims to develop next-generation products in intervention cardiology, neurology, peripheral and endovascular treatments.
