Meril Life Sciences
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 | |
| Company type | Private |
|---|---|
| Industry | Medical device Health care |
| Founded | 2006 |
| Headquarters | , India |
Area served | Worldwide |
| Revenue |  ₹2,400 crore (US$288 million) (2023[1]) |
| Owner | Bilakhia Group |
Number of employees | 4000+ (2022) |
| Parent | Bilakhia Holdings |
| Website | www |
Meril Life Sciences is an Indian multinational medical device company, with headquarters in Vapi, Gujarat, India. It was founded in 2006 and is a part of the Bilakhia Group.[2] The company is engaged in the manufacturing of vascular intervention devices, orthopedic implants, endosurgery, ENT products and in-vitro diagnostics. Meril Life Sciences operates in over 100 countries and has employed 4000 people, as of 2022.[3]
It develops and manufactures healthcare technologies and therapies.[4] The company has also developed the MeRes100 bioresorbable scaffold (BRS), which is India's first domestically produced bio-resorbable scaffold for the treatment of coronary artery disease.[2][5]
History
[edit]Meril Life Sciences was established in 2006 as a part of the Bilakhia Group's healthcare diversification plan.
In February 2022, the company raised funding of US$210 million (₹15.75 billion crores)[6] from the private equity firm Warburg Pincus, facilitated through its Dutch affiliate, South Elm Investments BV.[3]
In November 2023, the company entered into an agreement with the medtech company Japan Lifeline, granting exclusive rights for Japan Lifeline to promote Meril's transcatheter heart valve, Myval Octacor, upon approval by the Pharmaceuticals and Medical Devices Agency in Japan.[7]
Operations
[edit]It operates in more than 100 countries. It has established subsidiaries in countries such as the United States, Germany, Turkey, Brazil, South Africa, China, and Bangladesh.[3][8]
It is also engaged in sale of specific medical devices like Surgical Robots to hospitals. The company has established research and development (R&D) facilities focusing on orthopedics, endosurgery, cardiovascular and in-vitro diagnostics.[6] As of February 2017, the company derived 50 percent of its revenue from international operations.[2]
Products
[edit]Meril Life Sciences is engaged in the development and manufacturing of medical devices used in various medical fields. In December 2018, Meril Life Sciences introduced the indigenously designed and manufactured Myval Transcatheter Aortic Heart Valve (TAVR),[9][10] making it the first Indian company to commercially launch Transcatheter Aortic Heart Valve replacement (TAVR) Therapy in the global market.[11] The Myval TAVR technology received approval from the Central Drugs Standard Control Organization (CDSCO) in November 2018[12] and obtained European Conformity in June 2019.[13]
In March 2021 Meril Life Sciences launched the MeRes100 BRS, a 100-micron Bioresorbable scaffold, which received approvals from the Drug Controller General of India and European Conformity.[14] In February 2022, the National Pharmaceutical Pricing Authority, India's pharmaceutical regulator, granted a five-year rare exemption from price control for MeRes100 BRS under the provision of the Drug Price Control Order 2013.[15][16] The development of MeRes100 took around two to three years to complete.[2]
The company also has a range of surgical sutures, including absorbable and non-absorbable options like polydioxanone sutures, PGA & PGLA absorbable sutures, polyester sutures, and polypropylene sutures. It manufactures diagnostic equipment, reagents, and rapid tests for diseases such as Dengue, HIV 1 and 2, hCG, Ag, HCV, and Malaria.[8]
COVID-19
[edit]During the COVID-19 pandemic in 2020, Meril manufactured its RT-PCR COVID-19 test kit.[17] In June 2020, Meril Diagnostics was among the seven companies authorized by the Indian Council of Medical Research to manufacture the Covid Kavach ELISA IgG antibody test using Anti-body technology.[18]
The company developed CoviFind, a self-use Rapid antigen test for COVID-19, which received approval from the Indian Council of Medical Research in June 2021, and is designed to provide results within approximately 15 minutes for individuals with a medium to high viral load of the virus.[19] In August 2021, cricketer Mahendra Singh Dhoni was appointed as the brand ambassador for CoviFind. He appeared in two digital films and TV commercials, promoting testing to consumers.[20]
Other activities
[edit]Meril runs the Meril Academy which provides education and training to healthcare personnel. It has organized numerous workshops and conferences in specialties including general surgery, diagnostics, orthopedics, interventional cardiology, operation theater nursing, and hospital management.[8][21]
Awards and recognition
[edit]- It won the Frost & Sullivan's Emerging Medical Technology Company of the Year at the India Healthcare Excellence Award in 2015.[22]
- In 2017, the Government of India's Department of Pharmaceuticals awarded the company with the India Medical Devices Company of the Year Award and the India Medical Devices Export Company of the Year Award.[23]
- In 2017, Meril Life Sciences was awarded the Innovative Model for CSR implementation award by the Gujarat CSR Authority, Government of Gujarat, at the National CSR Conclave.[24]
- In 2018, it received the Company of the Year Award in the Indian Cardiac Stents Provider category by Frost & Sullivan.[25]
- In 2019, Meril Life Sciences was awarded the SME Business Excellence Award in the Mid-Corporate category by Dun & Bradstreet and RBL Bank.[26]
- It received the Best Employer Award at the National Best Employer Brand Awards 2019 and 2022 by the Employer Branding Institute.[27][28]
- The company won the Indian Medical Device Innovation of the Year award at the 7th edition of India Pharma and Indian Medical Device 2022, by the Department of Pharmaceuticals and the Federation of Indian Chambers of Commerce and Industry (FICCI).[29] The award was given by Bhagwanth Khuba, the Minister of State for the Ministry of Chemicals and Fertilisers, in April 2022.[30]
- Meril Life was named on the 2023 list of top health tech companies by the Healthcare Technology Report.[31]
- In October 2023, the company received the WIPO National Award for Inventors from the World Intellectual Property Organization.[32]
References
[edit]- ^ Datta, PT Jyothi (October 22, 2023). "Meril pushes ahead on growth plans in the country and abroad". Business Line.
- ^ a b c d Das, Sohini. "Vapi firm becomes India's first to take on Abbott in biodegradable stents". Business Standard. Archived from the original on February 24, 2017.
- ^ a b c "Warburg Pincus to invest $ 210 million in medical devices firm Meril". The Economic Times. February 22, 2022.
- ^ Kent, Chloe (August 20, 2019). "Meril Life Sciences: leading a growing Indian medtech sector". MedicalDevice-Network.
- ^ Anand, Aditya (August 16, 2019). "Meril Life Sciences receives European certification for stents". The Hindu.
- ^ a b Parmar, Beena (February 21, 2022). "Warburg Pincus To Invest $210 Mn In Medical Devices Firm Micro Life Sciences". VCCircle.
- ^ "Japan Lifeline to promote Meril Life Sciences' heart device". Business Line. November 30, 2023.
- ^ a b c Byumvuhore, Frederic (December 10, 2018). "How Meril Life Science Products and services improve lives of people in Rwanda and across the globe…". The New Times.
- ^ "Indian device maker Meril Life Sciences joins big league with artificial heart valve technology". Moneycontrol.com. December 7, 2018.
- ^ "India's First Artificial Heart Valve Technology Launched". NDTV. December 9, 2018.
- ^ "Meril launches Myval TAVR". The Economic Times. December 8, 2018.
- ^ Das, Sanjiv (November 16, 2018). "Meril Life Sciences bags CDSCO approval for Myval-TAVR technology". Express Healthcare.
- ^ "Meril's Myval Transcatheter Heart Valve receives CE approval". The Economic Times. June 7, 2019.
- ^ "Meril Life Sciences launches indigenously developed bioresorbable scaffold". The Times of India. March 10, 2021.
- ^ "Government exempts Meril's new coronary stent MeRes 100 from price control". CNBC TV18. February 29, 2020.
- ^ Rey, Kalyan (March 1, 2020). "Gujarat firm under scanner after stents kept out of price control". Deccan Herald.
- ^ Kaul, Rhythma (May 10, 2020). "Indian Covid-19 test kit production scaled up to lower imports". Hindustan Times.
- ^ Kumar, Mayank (June 15, 2020). "Covid-19 testing: How India is testing to flatten the coronavirus curve; details". The Financial Express.
- ^ Mishra, Lalatendu. "ICMR approves Meril's self-use Rapid Antigen test kit for COVID-19". The Hindu. Archived from the original on June 10, 2021.
- ^ "Meril ropes in MS Dhoni as the face of its Covid-19 self-test kit". Exchange4Media. August 17, 2021.
- ^ "Vijayawada represents international meet on joint replacements". The Hans India. October 15, 2018.
- ^ "Frost & Sullivan hosts 7th Annual India Healthcare Excellence Awards 2015 in Mumbai" (PDF). Pharmabiz. October 14, 2015.
- ^ "List of 2nd India Pharma Awards" (PDF). Official website of the Department of Pharmaceuticals, Government of India.
- ^ GCSRA CSR Awards 2017 (PDF). Gujarat CSR Authority, Government of Gujarat. 2017. p. 4. Archived from the original (PDF) on 2021-03-06.
- ^ "Frost & Sullivan gives 45 awards to Indian companies for their transformation journey". Tech Observer. October 11, 2018.
- ^ Leading SMEs of India 2019 (PDF). Dun & Bradstreet. 2019. ISBN 978-93-86214-36-2.
- ^ "National Employer Branding Winners 2022". Employer Branding Awards. 2023-06-26.
- ^ "Employer Branding Awards – National Best Employer Brand Winners 2019". Employer Branding Awards. 2023-06-26.
- ^ "DoP announces Indian Pharma and Medical Devices Awards 2022". Pharmabiz. April 28, 2022.
- ^ "Shri Bhagwanth Khuba, Union Minister of State for Chemicals & Fertilizers presents India Pharma and India Medical Devices Awards 2022". Press Information Bureau, Government of India. April 27, 2022.
- ^ Bruce, Giles (October 26, 2023). "Top 100 health tech companies of '23, per Healthcare Technology Report". Becker's Hospital Review.
- ^ "National IP & WIPO Awards" (PDF). ipindia.gov.in. IPR Newsletter. October 2023.