Abbott (NYSE:ABT) reportedly stopped selling its Xience Alpine drug-eluting coronary stent in India this week in response to price caps set by the National Pharmaceutical Pricing Authority.
A spokesperson for the healthcare firm said in a statement that Abbott “fulfilled all the requirements to discontinue selling its Xience Alpine drug-eluting stent in India as of April 26,” according to Business Standard.
Last year, India capped the price of coronary stents, cutting prices by as much as 75% for metal, drug-eluting and bioresorbable stents and setting limits on trade margins, discounts and other promotions used on higher-end products.
After the price caps were set, Abbott revealed that it also wouldn’t launch its next-gen drug-eluting stent, the Xience Sierra, in India. The company’s everolimus-eluting coronary device is designed to allow cardiologists to treat complex lesions. It features a thinner profile, increased flexibility and longer lengths than previous stents.
Abbott isn’t the only medtech giant that sought to pull its stent from India – Medtronic (NYSE:MDT) and Boston Scientific (NYSE:BSX) have both asked the government if they can pull their devices from the market.
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