Hyderabad: In a major boost to the medical devices manufacturing in Telangana, the leading manufacturer of coronary stents in the country, SMT (Sahajanand Medical Technologies Pvt Ltd) has announced an investment of Rs 250 crore to set up an integrated manufacturing unit of minimally invasive life-saving medical devices at the Medical Device Park, Sultanpur.
The proposed unit is expected to generate 2200 direct and 500 indirect employment opportunities in the state. The unit will have a manufacturing capacity of more than 1.25 million stents per annum. Surat-based SMT is currently the number 2 player in the Indian market for stents and hopes to capture the pole position in two years.
Earlier before the announcement was made, the SMT leadership team led by Bhargav Kotadia, Managing Director of SMT met IT and Industries Minister KT Rama Rao at Camp Office today.
“We are delighted to welcome SMT to Hyderabad’s vibrant life sciences ecosystem. It is indeed a pleasure to have a company that manufactures technologically sophisticated implantable products such as stents at global standards set up Asia’s biggest facility in Hyderabad. This further reinforces Telangana’s position as a preferred destination for innovator and technology companies,” said Minister KT Rama Rao.
The SMT has already grabbed a strong hold onto the stent market in India by growing from 11 percent share, recorded last year to 22 percent share according to the latest statistics.
“This was a big move for SMT given that its home base is in Surat, Gujarat. But the responsiveness of the government, favorable policies such as TS-IPASS, best-in-class infrastructure and strong talent ecosystem made SMT’s move to Hyderabad an easy decision.
The pro-business environment & a highly efficient Government administrative system coupled with the great quality infrastructure & abundance of talent makes Hyderabad a natural hub for the Medical Devices industry to thrive. We are excited to partner with the government & lead its efforts to make Telangana the global hub for Medical Devices manufacturing”, said Bhargav Kotadia, the Managing Director of SMT.
This investment demonstrates that the Telangana Government is keen to support both domestic and multinational companies that are looking to scale domestic operations in the State. Telangana is also positioning itself as an innovation hotspot in the space of advanced technology, and this investment is another feather in the cap for the state.
Ganesh Sabat, CEO, SMT, Ashish Agrawal, CFO, SMT, Jayesh Ranjan, Principal Secretary, IT and Industries Department and Shakthi Nagappan, Director, Life Sciences participated in the meeting.
About SMT: SMT (Sahajanand Medical Technologies Pvt Ltd) is a leading developer and manufacturer of minimally invasive coronary stent systems, with one of the broadest product portfolios in the industry. The firm has a strong international presence with footprints in more than 65 countries.
SMT believes in continuous innovation and up-gradation of our portfolio in order to cater your healthcare needs. The company commitment is to advance the patient care by introducing state of the art medical devices which will enable us to save precious lives and work for the welfare of all the patients around the world.
SMT is the first company to secure a CE mark for the biodegradable polymer-based drug-eluting stents. SMT portfolio includes drug-eluting stents, bare-metal stents, balloon catheters and inflation devices with an aim to expand our portfolio which will comprehensively cover all facets of cardiovascular treatment support.
