Medical devices firm S3V Vascular Technologies has decided to establish a ₹ 250 crore manufacturing facility at the Telangana Medical Devices Park, near Hyderabad.
Neuro medical devices, next generation drug eluting stent and drug coated critical care catheters are to be manufactured at the facility by the firm that has a research and development centre and pilot manufacturing plant in Mysuru, Karnataka.
An announcement on the proposed investment came after S3V promoters and directors Badari Narayan and Vijaya Gopal met Industries and IT Minister K.T. Rama Rao here. IT and Industries Secretary Jayesh Ranjan and other officials were present during the meeting, the Minister’s office said in a release on Thursday.
The S3V facility will be developed on five acres at the Medical Devices Park and will have a built-up area of 1 lakh sq ft, including 50,000 sq ft of class 10K clean room. It will be designed as per US Food and Drug Administration (USFDA) norms and consist of three specialised divisions -- neuro interventional medical devices along with neuro training centre; cardio interventional medical devices; and drug coated critical care catheters. The drug eluting stent proposed to be made at the facility will globally be the first to be manufactured from an alloy devoid of both nickel and cobalt allergenic ions. Also, the company plans to manufacture metallic bioresorbable vascular scaffolds that will reduce the re-procedure rates.
The plant, which is expected to be ready by 2023, will provide direct employment for around 500 people and indirect employment opportunities for an additional 250 people.
“I am delighted Hyderabad is emerging as the medical devices hub of India,” Mr. Rao said, welcoming S3V Vascular Technologies.
The Medical Devices Park in Telangana has witnessed phenomenal growth since its launch in 2017 with investment commitment for around ₹ 1,500 crore and about 7,000 direct jobs. Telangana government is committed to promote research, development, innovation and manufacturing in this segment, the Minister said.
Spread over 302 acres, the Medical Devices Park is the largest such in the country, and thus far attracted over 50 companies with plans to set up manufacturing/R&D units.
“We plan to invest ₹ 250 crore in Telangana to bring advanced technologies that not only make newer treatment options affordable to the common man but also reduce the healthcare burden on the Central and State governments by reducing repeat intervention procedures,” Mr. Narayan said.
