MicroPort has entered the Indian market only days after the country’s National Pharmaceutical Pricing Authority imposed a price cap on coronary stents.
The Shanghai-based company said its Firehawk Rapamycin target eluting coronary stent system was successfully used in a procedure in Mumbai earlier in the month, marking the 1st time the device saw use in the country.
The procedure was performed at H. J. Doshi Ghatkopar Hindu Sabha Hospital in Mumbai, by Dr. Anil Potdar, according to a press release. The company touted the Indian market as having the 3rd largest amount of PCI cases in the world, and promised future expansions in the region.
“In the future, Microport will further expand the India market to provide ideal medical solutions for local patients suffering from cardiovascular disease,” the company wrote in a press release.
The market cap has made it tricky for global giants like Abbott, who find it difficult to maintain their premium devices, according to a Business Standard report.
On Feb. 13, the NPPA passed a price cap of $108.88 (INR ₹7,260) for bare metal stents, and $443.91 (INR ₹ 29,600) for drug-eluting stents, which are used in nearly 90% of angioplasty procedures. More advanced, biodegradable stents were also capped at $443.91.
Through the partnership, Lombard said it would seek to accelerate commercialization of its Aorfix and Altura stent grafts for treating abdominal aortic aneurysms. Microport will gain exclusive marketing rights for both products in China and Brazil, as well as a license to manufacture the products for the Chinese market.
As part of the deal, Microport and Lombard said they entered a component supply manufacturing deal, with Microport manufacturing components for the Altura and Aorfix at its Shanghai facilities.