Alvimedica, a Turkish medical technologies company, is ready to launch its mega stent production facility in Istanbul.
The facility will open by the end of 2018 with the project-based incentive package unveiled by the government.
In April, President Recep Tayyip Erdoğan announced the new set of incentives worth TL 135 billion ($33.16 billion).
Alvimedica is among 19 companies supported by the incentives for 23 projects in the health, defense, metallurgy, electronics, automotive and agriculture sectors. Established in 2007, the company produces integrated circuit products for endovascular and interventional cardiology.
"Receiving the incentive has given us great motivation in the sense that we are on the right track and doing the right job," Leyla Alaton, the president of Alvimedica, told Anadolu Agency (AA).
Some 95 percent of the facility, with an investment of TL 1.7 billion, has been completed, Alaton said. She underlined that the company will manufacture triple the amount of Turkey's coronary stent needs. "Of the 300,000 stents Turkey uses per year, it imports almost 100 percent. We will produce 900,000 stents after our factory starts production," Alaton said.
A stent is a little metallic cage used on open blockages in coronary arteries to prevent patient heart attacks.
She noted that the company would export stents to more than 80 countries. Pointing to the importance of exporting high value added products for the current account gap, Alaton said their stent production would contribute in reducing the current account deficit by more than $200 million.
Meanwhile, she said quality approval processes should be completed by the first quarter of 2019.
The company will generate jobs for 1,000 people once the new facility starts full production, she said.