Piramal's arm bags European nod for orthopaedic product

Piramal Healthcare received European approvals for its first innovative cartilage repair product, out of its Canadian firm Biosyntech Technologies, which was acquired by Piramal in 2010.

Swati Piramal, director of Piramal Healthcare tells CNBC TV18's Archana Shukla that the market potential of this innovative medical device is big.

She says, "In Europe alone, the market is around USD 200 million which is expected to double with this kind of technology. We have not yet estimated other markets." She also says that they have applied to Canada and plan to apply in India.

Incidentally, India has as many patients as Europe because of its sheer size and you can hear stories of arthritis really affecting so many of our people. We will begin with these three countries and hope to launch in 2012 or 2013.

On Piramal Healthcare's interest in buying smaller research firms like Biosyntech Swati Piramal said, "We have a team worldwide who finds out companies which really have platform technologies where we can invest, companies which we can increase with our knowledge, which are strategic and can help us get a new product on the market."