SMT (Sahajanand Medical Technologies), India’s number 2 manufacturer of medical stents are hoping to capture the number 1 spot in the market soon, surpassing the market’s top player Abbott Healthcare. They aim to do so in the next two to three years.

SMT has already grabbed a stronger hold onto the stent market in India from 11 percent, recorded last year to 18 percent according to the latest statistics. SMT intends to take full advantage of the level-playing field caused by the recent price caps in the medical stent market.  

The company has already raised an amout of Rs. 3 billion through firms such as Morgan Stanley and Samara Capital, with a much greater goal of ultimately being a market leader and one of the top three manufacturers of medical stents in Europe.

Approximately 30 percent of the amount raised will be used for working capital expenses and towards the R&D department. The rest of the amount will be put towards acquiring a pharma company in Europe of a substantial standing, according to the sources.

"We are debt-free and have been clocking a 40-45 per cent compounded annual growth rate since four years. We would fund the new facility in India through internal accruals," said Ganesh P Sabat, chief executive officer of SMT.

The company’s export business also insulates SMT from potential risks and policy uncertainties that come with an operation of this size. SMT is also rapidly making up ground on other MNCs in tier-1 cities after the announcement of the price caps on medical stents.

SMT initially entered the market in Europe in 2014, by beginning distribution activities in just 3 to 4 European nations. SMT’s distribution network now spans 70 countries and they draw 40 percent of it’s turnover from exports alone.