Michigan-based medical device manufacturing company Stryker is increasingly relying on its research center based in Gurgaon near New Delhi for new products as it puts into motion an aggressive strategy to accelerate sales from emerging markets such as India and China, reports the Economic Times.
The company’s no frills power tool was conceptualized, designed and developed by the center, which employs 200 engineers and technologists. This tool is used for cutting, drilling and shaping bones during joint replacement and trauma procedures.
Stryker said the product, branded System G, is expected to be commercialized soon and that it will be positioned in the mid-tier segment of the market.
“Growth in emerging markets will be of strategic priority and India offers the most exciting opportunity among the BRIC nations,” Stryker chairman and CEO Kevin Lobo told the news publisher on his recent visit to India.
70% of Stryker’s global sales comes from the U.S. and Europe, and the company aims to increase the share of other emerging markets to its global sales from 8% at present to 12-14% over the next five years.
It will strive to drive sales of cutting-edge technology-based devices such as Mako, a robotic surgery device used for knee and hip replacement, in India. Its strategy includes plugging the gaps between the high-end, high-priced orthopedic products and the bottom end that is fed mostly by local device makers.