Concept Medical

Concept Medical is a multinational medical devices company, headquartered in Tampa, Florida that develops and manufactures drug-eluting stents (DES) and drug-coated balloon (DCB) used in the treatment of coronary and peripheral artery diseases.[1]

Concept Medical Inc.
TypePrivate
IndustryMedical technology
Founded2008
FounderManish Doshi
HeadquartersTampa, Florida, USA
Area served
Globally
Key people
Kiran C Patel (Chairman)
SubsidiariesEnvision Scientific
Websitewww.conceptmedical.com

History

Founded in 2008 by Manish Doshi, the company is headquartered in Tampa, Florida, with operational offices in over 80 countries across Asia, Europe, the Middle East, and other global regions.[2] Concept Medical operates manufacturing units in India,[3] including the largest manufacturing and coating unit for DES and balloons in Asia, located in Surat's special economic zone (SEZ) at Sachin.[4]

Envision Scientific Ltd operates as an manufacturing subsidiary of Concept Medical.[5]

By May 2022, Concept Medical was among the largest medical device manufacturers in India by market share.[2]

Patents approval

The first Investigational Device Exemption IDE approval was granted to Concept Medical Inc. for its 'Magic Touch SCB' drug-coated balloon, which was specifically developed for the treatment of coronary in-stent restenosis (ISR) in September 2022.[6] Subsequently, the company obtained its second IDE approval for the 'Magic Touch PTA' drug-coated balloon to treat Below the Knee peripheral arterial diseases (PAD) in February 2022.[6]

Concept Medical received a third IDE approval from the US Food and Drug Administration (US FDA) for the 'Magic Touch SCB' drug-coated balloon, intended to treat small vessels (SV) in coronary arteries.[7][8][9] Furthermore, the company has recently acquired its fourth IDE approval for the treatment of superficial femoral arteries (SFA), addressing critical medical needs.[10]

Funding

In 2018, Concept Medical received funding of $60 million from the angel investor, Kiran Patel.[11][12][13]

Awards and recognition
  • Fastest Growing Medical Device Company by the International Book of Records in the Indian Stent Market, 2022.[2]

References 
  1. "Drug-coated balloons emerging as better alternative to stents: Italian cardiologists - ET HealthWorld". ETHealthworld.com.
  2. "We aim to emerge as a global leader in life-saving devices, says Manish Doshi, founder of Concept Medical". The Economic Times. 2022-05-19. ISSN 0013-0389.
  3. Mamgain, Pramugdha. "US-based Concept Medical raises $60m to boost India, global operations". DealStreetAsia.
  4. "Concept Medical India sets up Rs 80 crore unit in Surat SEZ". The Times of India. 2020-09-26. ISSN 0971-8257.
  5. "Envision Scientific receives IGBC gold certification for its factory". The Times of India. 2023-05-17. ISSN 0971-8257.
  6. "Concept Medical receives 3rd IDE approval from USFDA for its MagicTouch-Sirolimus Coated Balloon". Express Healthcare. 2023-05-01.
  7. "Concept Medical receives 3rd IDE approval from US FDA for MagicTouch-Sirolimus-coated balloon - ET HealthWorld". ETHealthworld.com.
  8. "Concept Medical Receives 3rd IDE Approval From USFDA For Its Sirolimus Coated Balloon". BW Defence. 2 May 2023.
  9. "कॉन्सेप्ट मेडिकल को छोटी कोरोनरी धमनी की बीमारी के इलाज के लिए अपने सिरोलिमस कोटेड बैलून कैथेटर की सुरक्षा और प्रभावकारिता की जांच करने के लिए आईडीई की मंजूरी मिली". Punjab Kesari (in Hindi). 2023-05-02.
  10. "Concept Medical's MagicTouch PTA receives IDE approval from US FDA to treat SFA - ET HealthWorld". ETHealthworld.com.
  11. "Concept Medical raises Rs 440 cr for sirolimus coated balloon". Financial Express. 2018-10-12.
  12. Sriram, M. (2018-12-11). "Funding in deep-tech start-ups climbs to record $248 million so far this year". Mint.
  13. Rana, Swati (2018-10-12). "Cardiologist Kiran Patel invests $60 million in medical device company". Express Healthcare.
  14. "Concept Medical Group company, Envision Scientific Pvt. Ltd. bags 'Best Exporter 2021-22' award by SurSEZ under Ministry of Commerce & Industry". Zee Business. 2022-05-11.
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