US remains elusive for Opto stents

The lucrative US market for stents still remains elusive for medical devices maker Opto Circuits.

The company has a presence in the stent markets in Europe, South East Asia, Middle East, Latin America, apart from India.

V Bhaskar, head (finance), Opto Circuits India, said entry into the US is a long drawn process and is a good two or even three years away.

“Currently we do not have US FDA approval for any of our invasive products, including stents and catheters,” said Bhaskar.

For the Rs2,357 crore Opto, the invasive segment contributes about 20%, while the remaining consists of non-invasive products such as monitoring devices and sensors.

Opto is already present in the US market with its non-invasive range.

Industry experts say even after getting approvals by US regulatory authorities making a mark in that country would be a tough task due to the presence of multinational firms such as Boston Scientific, Medtronic and Johnson & Johnson.

“These brands enjoy a long presence and high level of comfort among the medical practitioners there. Newer players will take time to establish a place for themselves,” said a healthcare practice head from a professional services firm.

According to Bhaskar, Opto is growing at about 30% per year in the global stent market, while in India, where about 2 lakh stents are used annually, the company is witnessing growth of over 35% per year.

“There is a lot more potential for growth within India. We are looking towards strengthening our presence in the other markets we are already present.”