Stryker signs on for 20-year hitch in Indo UK Institute of Health’s Medicity program

Stryker (NYSE:SYK) said today it inked a 20-year collaborative deal with the Indo UK Institute of Health’s Medicity Program as a preferred partner in the orthopedic hip, knee and trauma product and service fields.

Through the deal, Stryker and the IUIH’s program will help provide access to affordable primary joint replacements and other services in India.

“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,” Stryker CEO Kevin Lobo said in a press release.

The deal includes the sponsorship of a post-graduate training and education center at one of IUIH’s Medcities campuses, and an R&D collaboration at Stryker’s global technology center in India.

“The partnership with Stryker is set to redefine the existing paradigms in healthcare industry. 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,” IUIH CEO Ajay Gupta said in a prepared release.

Late last month, Stryker saw shares stay steady after the medical device maker met expectations on Wall Street with its 3rd quarter results.

The Kalamazoo, Mich.-based company posted profits of $355 million, or 94¢ per share, on sales of $2.83 billion for the 3 months ended September 30, with bottom-line growth of 17.9% as sales grew 17.1% compared with the same period in the prior year.

After adjusting to exclude 1-time items, earnings per share were $1.39, a minimal 2¢ ahead of where The Street had expected. Revenue beat The Street’s expectations, which was looking for $2.81 billion.

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