Indore firm to produce spine stimulators

Indore-based Shree Pacetronix Ltd, the only Indian implantable cardiac pacemaker, is now planning to enter the implantable neurostimulator (spinal cord stimulators) market.

With this, the company will become the only Asian and third company in world in the segment. The firm, which has also entered into the trade of intra ocular lens and titanium dental implants, has also plans to expand within 3-4 months from now to become a Rs 15-crore company.

Neurostimulators are used for chronic back pain management or an invasive pain management strategy and are the best alternatives to drugs like morphine.

"We have done research and development work and our product (neurostimulators) will be available in next 3-4 months. There are only two companies in the world that manufacture implantable nuerostimulator. We will become the only Asian company to manufacture the product in Pithampur (Indore). Our neurostimulators will be priced under Rs 1 lakh, against those imported available at Rs 3 lakh," Atul Sethi, managing director of the company, told Business Standard.

The annual consumption of neurostimulators in European countries and the US stands at 30,000 pieces per year. Demand in India and other Asian markets is picking up but surgeons and hospitals lack good infrastructure.

"Surgeons and doctors in India manage back pain by giving medicines like morphine and as a result the body system outlives these medicines after a certain period of time. A neurostimulator manages 90 per cent of the back pain and the patient can have a managed life for at least six years," said Sethi.

The firm, which has invested Rs 5.5 crore for cardiac pacemakers in its Pithampur assembly unit, has plans to enter into production of intra ocular lenses and indigenous titanium dental implants in the days to come. "We have already started trading in both the categories and we are planning to expand our Pithampur facility within next one year. We will expand in intra ocular lenses manufacturing with an investment of Rs 6 crore and in titanium dental implants with Rs 4 crore to become a Rs 15 crore company within 3-4 years," said Mr Sethi.

Promoted by Dr Surendra Sethi an Indore-based doctor (now an NRI) the CE and ISO certified firm started producing cardiac pacemakers at very affordable range of Rs 40000 against those imported pacemakers available at Rs 60000. "We have also entered into a tie-up with West Bengal government to offer cardiac pacemakers at Rs 20000 for below poverty line people. We are also pursuing MP government for a similar kind of tie-up," said Mr Atul Sethi.

Though pacemakers and neurostimulators are life saving drugs they attract 4% value added tax. While life-style hospitals import these products on duty-free conditions. "We import the components that attract taxes, and our products are also taxable. It is up to the government to protect an indigenous product. When AIDS-drugs are tax-free why pacemakers or neurostimulators are taxed?" asks Mr Sethi. The firm has completed its 12 years of success, In 1993 the company was converted to a Public Limited Company. The dividend paying Shree Pacetronix is listed on Bombay Stock Exchange and regional exchanges and has strength of about 15000 shareholders today.

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Bringing hope

The company is the only Indian implantable cardiac pacemaker

With the move, it will be the only Asian and third company in world in the segment

It will price neurostimulators under Rs 1 lakh, against those imported at Rs 3 lakh

Neurostimulators are used for chronic back pain management and are the best alternatives to morphine