Hyderabad, NFAPost: Medtronic, the global leader in medical technology, has decided to invest Rs 1200 crores in scaling up and expanding the current R&D centre into a state-of-the-art engineering and innovation centre in Hyderabad.
Medtronic Engineering & Innovation Center (MEIC) will be the largest global R&D centre outside of the United States for Medtronic.
This investment planned over five years will provide a boost to Telangana’s MedTech plans and cement Hyderabad’s position as the Medical Devices hub in India.
The government of Telangana and Medtronic have been in discussion for the last two years regarding the modalities of investment. During his visit to the United States in 2016, Minister for Industries & IT KT Rama Rao and his team of officials from Government of Telangana had a meeting with Omar Ishrak, Executive Chairman and Chairman of the Board, Medtronic.
The partnership was finally announced via a virtual meeting with Ishrak, Geoff Martha, Medtronic CEO, Bob White, EVP and President, Minimally Invasive Therapies Group (MITG), Madan Krishnan, Vice President Indian Subcontinent and MITG APAC, Mani Prakash, Vice President R&D, MITG, Subu Mangipudi Vice President RGI Quality & MEIC and Divya Prakash Joshi, Sr Engineering Director & Site Leader, MEIC Hyderabad.
Among others with the Minister included Principal Secretary Jayesh Ranjan, IAS and Director for Life Sciences Shakthi Nagappan from Govt. of Telangana.
Making the announcement, Medtronic Executive Chairman and Chairman of the Board Ishrak said research and Development lead to innovation and innovation is crucial to our growth strategy.
“Medtronic’s investment in India is a testament to our commitment to the region and we are proud to be collaborating with the Government of Telangana on this major investment in the country,” said Medtronic Executive Chairman and Chairman of the Board Ishrak.
Patients around world
Medtronic Executive Chairman and Chairman of the Board Ishrak said the expansion of MEIC will help us serve the Medtronic Mission to use medical technology to alleviate pain, restore health and extend life for patients around the world, which is also aligned with the government’s vision to improve access to healthcare for patients in India.
During the virtual meeting, Rama Rao briefed the Medtronic leadership team on various initiatives taken by the Telangana Government to promote Medical Devices sector and the developments over the last few years.
While recalling memories of his meeting with Ishrak in the US, he congratulated him for taking over as the Executive Chairman of Medtronic and Chairman of the Board of Intel and congratulated Martha on his appointment as the new CEO of Medtronic.
Telangana Minister for Industries & IT KT Rama Rao said he is delighted that Medtronic has chosen Hyderabad as its largest R&D base outside the U.S. and intends to create about 1000 jobs in the next few years.
Medical devices sector
“It is indeed a great honour for the city to host this centre and it is a testimony to Hyderabad’s growing prowess in the medical devices sector. Government of Telangana is committed to the growth of med-tech in the state and we see this partnership with Medtronic as a pivotal one,” he said Telangana Minister for Industries & IT KT Rama Rao.
Telangana Minister for Industries & IT KT Rama Rao said Telangana will work with them to ensure this centre will continue to contribute to their remarkable efforts to improve healthcare globally.
During the conversation, Minister for Industries & IT KT Rama Rao alluded to how the story on India for India and India for the world is getting stronger with the recent turn of global events and assured them of all support from the State Government for the company’s growth plans and aspirations in India.
MEIC, a robust business model
The MEIC enter provides software and engineering solutions to the Global Business Units of Medtronic for ventilators, robotic-assisted surgery, RF Generators, Navigation and Imaging equipment, encompassing areas of Embedded and Enterprise Software Development and Testing; Mechanical Design and Analysis; Hardware Engineering; Quality and Compliance; and Project Management.
MEIC has been leveraging the local presence and eco-system to support regional and global business needs, and it is a true symbol of Medtronic’s commitment to growth, locally in India and globally with more than 350 highly qualified engineers, more than 140 patents and more than 400 IP disclosures.
MEIC also has the complementary competence to support global R&D projects, quality and compliance projects, state-of-the-art well-equipped labs and multi-stream capabilities and alliance partnerships.
With access to top-notch software and engineering talent in the region and given past success with MEIC, the strategic goal of MEIC is to “become a destination Center for medical device software and engineering solutions” in Medtronic.