SMT global, a home grown stent manufacturer, has recently had one of its stents — Supraflex drug eluding stent — confirmed via a study to be at par with global company Abbott’s stent Xience.
The study- Talent Trial, which was undertaken by the European Clinical Research Institute, was chaired by a cardiology researcher Dr Patrick Serruys. The findings of the study means that SMT’s stent is likely to get more acceptance by doctors in both global and domestic market.
SMT has its manufacturing base in Surat and has been developing the Supraflex stent for the past 7 to 8 years. It believes the findings will help improve the perception factor that currently exists for Indian stents.
The company has already received regulatory approval in Europe and is exploring approvals in the US market.
SMT is an example of a successful Indian manufacturing story. The company started operations in 1998 and is credited to be the first company to successfully launch a coronary stent manufactured indigenously. It exports to more than 60 countries.
The company has grown by 40-50 percent in the past 5-6 years with a 60 percent growth in FY17-18. While growth has been uniform across geographies, SMT’s business has been boosted by the price control on stents that was imposed in the Indian market in 2017. The company has seen an additional growth of 20 percent after the price controls imposed.
SMT was recently in the news for raising almost Rs 300 crore from Samara Capital and Morgan Stanley. While it doesn’t have plans to list its business in the near future, SMT hasn’t ruled out hitting the equity markets.