(MENAFN- IANS) Pune, May 17 (IANS) Serum Institute of India (SII), the world's largest vaccine manufacturer, on Friday announced a strategic investment in IntegriMedical to advance Needle-Free Injection System (N-FIS) technology.
With the investment, SII will acquire a 20 per cent stake in IntegriMedical. The investment will also accelerate the development and commercialisation of the N-FIS technology, making it more widely accessible to patients in India and worldwide
“At SII, we are constantly seeking opportunities to invest in technologies that align with our mission to make healthcare accessible and affordable for people worldwide. IntegriMedical's Needle-Free Injection Systems (N-FIS) represent a significant advancement in drug delivery and we envision a needle-free solution to deliver vaccines,” said Adar Poonawalla, CEO, Serum Institute of India.
Instead of the traditional needles, IntegriMedical's US-patented N-FIS makes use of high-velocity jet streams using mechanical power to effectively and consistently administer biologics and drugs.
The innovative drug delivery solution aims to alleviate pain during administration, providing needle-phobic patients with a pleasant and stress-free experience, and preventing needle-stick injuries and cross-contamination.
"We are excited to have Serum Institute of India as our strategic partner. This investment is a testament to the potential of our Needle-Free Injections System technology and its ability to revolutionise drug delivery,” said Sarvesh Mutha, MD, IntegriMedical.
The global N-FIS, valued at $12.49 billion in 2022, is projected to experience substantial expansion with a Compound Annual Growth Rate (CAGR) of 14.16 per cent from 2023 to 2028. It is likely to reach a valuation of $27.65 billion by 2028.
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