Updated October 17, 2011 at 1:00 p.m. to correct that the Promus Element was launched in China, rather than the Promus stent.
Boston Scientific Corp. (NYSE:BSX) launched it’s Promus Element drug-eluting stent into China, one of the world’s fastest growing DES markets.
The Promus Element stent is a third-generation stent touting a new platinum chromium alloy, upgraded stent design and novel catheter delivery system.
The device is not yet cleared for the U.S. market.
Already the market leader in the $4.6 billion U.S. drug-eluting stent market, Boston Scientific hopes to take a bite out of China’s growing market, which boasts annual growth exceeding 20 percent, according to a press release.
BSX estimates that the number of coronary DES implants in 2011 will come to around 560,000, making it the second largest DES market in the world after the U.S.
In July the Natick, Mass.-based device leviathan sank $150 million into a five-year plan to expand Chinese commercial operations, including establishing a wholly owned manufacturing site and developing training centers for Chinese health care providers. The company expects its Chinese sales to top $500 million by 2017.
"The Chinese government has announced its intention to spend $125 billion on its health care system in the next five years, and the launch of our advanced coronary stenting technology in China reflects our intention to tap into its expanding, promising DES market," senior VP and president of emerging markets Larry Neumann said in prepared remarks. "We are making significant investments in our sales, distribution and clinical infrastructure in China and this important launch reflects our goal to win global market share as part of our ‘POWER’ strategic plan."
The acronym, developed under outgoing CEO Ray Elliott who hands over the reins of the company to interim CEO Hank Kucheman today, stands for "Prepare people," "Optimize the company," "Win global market share", "Expand our global sales and marketing," and "Realign our business portfolio," according to BSX’s website.
Michael Mahoney, who takes over as company president today, will assume the role of CEO in November 2012.
The company plans to expand its Chinese launch campaign once it receives reimbursement approvals.