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The facility - N-Ovative Health Technologies - set up at the National University of Science and Technology (NUST) in Islamabad has started mass production of cardiac stents and angioplasty balloon catheters at affordable prices.
Pakistan has now become one of the 18 countries in the world and the second Muslim nation - after Turkey - producing cardiac stents locally.
A cardiac stent is used to treat narrowed or blocked coronary arteries. It can also be used to improve blood flow immediately following a heart attack.
Speaking on the occasion, the prime minister said the step would significantly reduce expenditures on treatment of heart diseases besides saving foreign exchange.
He lauded the efforts of the NUST team for leading the country not only in engineering sciences but also in innovations in the field of medical health sciences.
Addressing the ceremony earlier, Minister for Science and Technology Fawad Chaudhry said Pakistan is heading from an import-based economy to a manufacturing-based economy under the leadership of Imran Khan.
"Another big step by Pakistan in medical technology," Fawad Chaudhry said in a tweet earlier Friday.
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