Telangana Medical Devices Park Gets Rs. 250 Crores Investment from S3V Vascular Technologies
HYDERABAD: The Medical Devices Park in Telangana witnessed another important milestone today with S3V Vascular Technologies deciding to set up their state-of-the-art integrated manufacturing facility to manufacture high-end critical lifesaving neuro and cardiac medical devices in Telangana.
The company will manufacture a Drug-Eluting Stent, which will globally be the first to be manufactured from an alloy that would be devoid of both Nickel and Cobalt allergenic ions. The company in its facility also proposes to manufacture metallic Bioresorbable Vascular Scaffolds that will reduce the re-procedure rates.
Telangana State welcomes another major investment!
— Minister for IT, Industries, MA & UD, Telangana (@MinisterKTR) March 3, 2022
S3V Vascular Technologies to invest Rs. 250 Cr in Telangana Medical Devices Park to manufacture high end neuro & cardiac medical devices. The proposed facility will generate 500 direct & 250 indirect employment opportunities. pic.twitter.com/7gJxrZnXDv
Medical Devices Park in Telangana is the country's largest Medical Device Park spread over 302 acres in Hyderabad since 2017. Since its launch, the park has received an overwhelming response with more than 50 companies lining up to set up their manufacturing / R&D units. The government has taken various initiatives to strengthen the cluster further.
S3V Vascular Technologies was founded by the alumni of the founding class of PGPMAX at the Indian School of Business (ISB), Hyderabad. Currently, the company has an R&D Centre and pilot manufacturing plant at Mysore, Karnataka.
The leadership of S3V Vascular Technologies- Mr. Badari Narayan, Promoter and Director, Dr. Vijaya Gopal, Promoter and Director, among others met with Hon’ble Minister Mr. KT Rama Rao today and made this announcement. Mr. Jayesh Ranjan, Principal Secretary, Industries & Commerce & IT, and Mr. Shakthi Nagappan, Director, Life Sciences & Pharma, Government of Telangana also attended the meeting.
Hon’ble Minister Mr. K.T Rama Rao said that “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 an investment commitment of Rs. 1500 Crores approximately and total employment of around 7000 direct jobs. The Government of Telangana is committed to promoting research, development, innovation and manufacturing in this segment.”
Mr. Badari Narayan, Promoter and Director S3V Vascular Technologies said that “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 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 thus lessening the financial stress on the healthcare ecosystem. Our company will be manufacturing a Drug-Eluting Stent, which will globally be the first to be manufactured from an alloy that would be devoid of both Nickel and Cobalt allergenic ions”.
The proposed facility is being set up with a total investment of INR 250 crores and will generate total direct employment of around 500 people along with indirect employment for additional 250 people. The facility would comprise of 3 specialised divisions: Neuro Interventional Medical Devices along with Neuro Training Centre, Cardio Interventional Medical Devices and Drug-Coated Critical Care Catheters. This facility is being designed as per USFDA norms and will be constructed on 5 acres of land in Medical Devices Park with a built-up area of 1 lakh sq. ft. including 50,000 sq. ft. of class 10K clean room.
The primary objective of this project is the development of affordable neuro devices which can make difference between recovery and paralyses. The company also aims to advocate for the technology for neuro devices to be made more affordable by bringing these neuro procedures under various government reimbursement schemes so the benefit of the same can be reaped by the common man as well.
