Russian President Dmitry Medvedev supports implementation of “Renova” Group of companies “Stentex” project

During a meeting with the Chairman of the Board of Directors of the “Renova” Group of companies, Viktor Vekselberg, President of the Russian Federation Dmitry Medvedev expressed his support for the idea of producing high-tech medical devices for interventional cardiology in Russia, known as the “Stentex” project. The end result of implementing this project should be a reduction in the number of deaths from acute myocardial infarction and angina by 2-3 times.

During the meeting, Viktor Vekselberg noted that cardiovascular disease in Russia accounts for more than half the deaths in Russia. At the same time, our medicine is completely dependent on the imports of expensive stents and catheters. In this connection, the “Renova” Group of companies has decided to implement a project for promoting the localization of high-tech medical products in Russia. However, for the success of this endeavor, the state’s support is also required.

“The apparent form of a state order does not apply here because there is still no production. Therefore, we would like to, in cooperation with the Government of the Russian Federation, find mechanisms to initiate public-private partnerships,” stated Viktor Vekselberg.
“Cardiac disease, coronary heart disease, strokes and heart attacks are leading causes of death. And of course, we need to expand not only high-tech medical care, but also the production of the main elements of such assistance,” stated Dmitry Medvedev.
As a result of the meeting, the parties decided to prepare regulations establishing the specifics of placing state orders for particular localized products within the framework of the “Stentex” project. In addition, the conditions of the project receiving credit financing from Vnesheconombank (VEB) should be agreed upon in the near future.

The preparatory and design work is currently being performed for the construction of the production facilities at the “Stentex” site in Domodedovo (Moscow region). The company is currently considering involving a strategic partner from among work market leaders in this profile segment.

“Stentex” LLC (100% owned by the “Renova” Group of companies) will develop and manufacture coronary stents, catheters and guidewires (conductors) for people with acute myocardial infarction and stenocardia (angina pectoris) sufferers. Construction of the “Stentex” plant will begin in the 2-3 quarter of 2012. It is expected that it will reach full capacity in 2014. The total investment amounts to 5.5 billion rubles. Already in 2014-2015, the “Stentex” project should fully meet the Russian health care system’s needs in terms of stents, catheters, and guidewires (conductors) used in the treatment of acute coronary syndrome. The end result will be a 2-3-time reduction in the number of deaths due to the following conditions: acute myocardial infarction and stenocardia.

The “Renova” Group of companies’ initiative has received the support from three Russian ministries – the Ministry of Economic Development, the Ministry of Health Care and Social Development, and the Ministry of Industry and Trade of Russia – in addition to the the Russian Academy of Medical Sciences. In addition, in February of this year, the “Stentex” project received approval from the “Medical equipment and pharmaceuticals” Working Group of the Commission for the Russian economy’s Modernization and Technological Development under the President of the Russian Federation.

About the “Renova” Group of companies (www.renova.ru):
The “Renova” Group of companies is a leading Russian private business group, which owns and manages assets in the metallurgical, oil, mining, chemical and construction industries, s well as in the transport, energy, telecommunications, high-tech engineering, utilities and financial sectors in Russia and abroad (primarily the CIS countries, Switzerland, Italy, South Africa and the USA). The biggest asset of the “Renova” Group of companies are its stakes in TNK-BP, UC RUSAL, Integrated Energy systems (IES), as well as in the Swiss technology groups OC Oerlikon and Sulzer.