R ARIVANANTHAM
GANDHINAGAR, JAN 10
Meril, an India-based global medical device company, headquartered in Vapi, Gujarat, has emerged as one of the key investors in the medical devices sector at the Vibrant Gujarat Global Summit 2024.
The companies under the Meril Group plan to invest Rs 910 crore as follows: Meril Healthcare Pvt Ltd will set up its plant at Vapi with an investment of Rs. 210 crore, Micro Life Sciences Private Ltd will set up its plant at Vapi with an investment of Rs. 480 crore and Meril Life Sciences Private Limited will set up its plant at Vapi with an investment of Rs. 220 crore.
Vivek Shah, CEO Meril, said, “The global dynamics in healthcare is changing in a way that India will soon be at the forefront of innovation. We are already creating cutting-edge technologies, comparable or even superior to Western standards. This also aligns with the larger Atmanirbhar Bharat and Viksit Bharat goals of the Government of India.”
Meril plans to increase its capacity to develop orthopaedic implants for the hip and knee as well as cardiac stents and valves. The company is also expanding on their Endo-Surgery products like Hernia Surgical Mesh, Linear Stapler, Hemostates, etc. This investment and the resulting expansions will also create around 3,000 direct and indirect job opportunities in the state.
The announcement comes at a time when the medical devices market has been identified as a sunrise sector by the Government of India (GOI). The sector, currently valued at about USD 11 billion, is anticipated to reach USD 50 billion by 2030.
Currently, Meril is the market leader in transcatheter heart valves in India. Meril is also among the first in the world to develop bio-absorbable stents with 100 microns. This stent system dissolves naturally in the artery within 2 to 3 years. They have also developed a surgical robotic system for orthopaedic surgeries, which helps in ensuring personalised planning and precision in each case. Meril also supports the upskilling of physicians, surgeons, technicians and paramedics through its sprawling 10,00,000 square feet facility in Vapi.
