Stryker announces multi-year partnership with Indo UK Institute of Health to deliver affordable orthopaedic care in India
Kalamazoo, Michigan – November 14, 2016 – Stryker Corporation (SYK), one of the world`s leading medical technology companies, announced today a multi-year collaboration with Indo UK Institute of Health`s (IUIH) Medicity Program to serve as a preferred partner in the orthopaedic areas of hip, knee, and trauma products and services. Stryker and IUIH`s new relationship will provide greater access to affordable primary joint replacements and other healthcare services to patients in India.
The unprecedented 20-year partnership between Stryker and IUIH, a forward-looking healthcare provider, will create and deliver real value throughout the continuum of orthopaedic care, driven by a combination of Stryker`s quality implants and products, streamlined patient pathways and world-class commercial services.
“We are proud to partner with Indo UK Institute of Health to make quality healthcare more accessible and affordable to the people of India, not only through the broad portfolio of products that we offer but also in our commitment to research and medical education,” said Kevin A. Lobo, Chairman and Chief Executive Officer.
In addition to its commitment to provide access to its joint replacement and trauma products and technology, Stryker`s commitment includes the sponsorship of a post-graduate training and education center on the campus of one of IUIH`s medicities and R&D collaboration with Stryker`s longstanding Global Technology Center in India.
“The partnership with Stryker is set to redefine the existing paradigms in healthcare industry,” said Ajay Rajan Gupta, Managing Director and Group CEO, IUIH. “With predictable orthopaedic spend, improved cash flow and optimized use of technology resources, the agreement with Stryker will enhance IUIH`s value in healthcare space in years to come.”
Forward-looking statements
This press release contains information that includes or is based on forward-looking statements within the meaning of the federal securities law that are subject to various risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in such statements. Such factors include, but are not limited to: weakening of economic conditions that could adversely affect the level of demand for our products; pricing pressures generally, including cost-containment measures that could adversely affect the price of or demand for our products; changes in foreign exchange markets; legislative and regulatory actions; unanticipated issues arising in connection with clinical studies and otherwise that affect U.S. Food and Drug Administration approval of new products; changes in reimbursement levels from third-party payors; a significant increase in product liability claims; the ultimate total cost with respect to the Rejuvenate and ABG II matter; the impact of investigative and legal proceedings and compliance risks; resolution of tax audits; the impact of the federal legislation to reform the United States healthcare system; changes in financial markets; changes in the competitive environment; our ability to integrate acquisitions; and our ability to realize anticipated cost savings. Additional information concerning these and other factors is contained in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Stryker is one of the world`s leading medical technology companies and, together with our customers, we are driven to make healthcare better. The Company offers a diverse array of innovative products and services in Orthopaedics, Medical and Surgical, and Neurotechnology and Spine that help improve patient and hospital outcomes. Stryker is active in over 100 countries around the world. Please contact us for more information at www.stryker.com.
About Indo UK Institute of Health
On November 12, 2015, the United Kingdom Prime Minister, Mr. David Cameron, and the Prime Minister of India, Mr. Narendra Modi, signed a joint statement to support the development of 11 Indo UK Institutes of Health across 11 states in India. The Indo UK Institute of Health project brings the best of National Health Service (NHS) to India to develop a new healthcare ecosystem which is available, affordable, accountable and appropriate to all. Each Indo UK Institute of Health will have a 1,000 bed NHS hospital, a nursing college, medical college, post graduate training center, implant manufacturing unit, eHealth center and accommodation. Please visit www.iuih.co.uk for more information or contact victoria.lusher@iuih.co.uk.
