Global leader in healthcare technology Medtronic will expand footprint in Hyderabad with a ₹3,000 crore (around $350 million) investment on its research and development centre, which already serves as the largest such facility for the company outside the United States.
A component of the global R&D led innovation and growth strategy of the company, the investment proposed will build on the initial, $160 million investment announced on the Medtronic Engineering & Innovation Center here in 2020. MEIC currently employs more than 800 people, primarily engineers, and this number is expected to go past 1,500 over the next five years with the additional investment.
The announcement came following a meeting of Medtronic Executive Vice President and President-Surgical Operating Unit, Mike Marinaro, vice president-Enterprise R&D Mani Prakash and vice president and MEIC site leader, Divya Prakash Joshi with Industries and IT Minister K.T. Rama Rao, who is in the U.S. with officials, in New York.
“Telangana has been a front-runner in the field of lifesciences and was also one of the first States in India to recognise medical devices as a high-potential and high growth sector. The expansion of MEIC is a testament to the city’s robust ecosystem and Hyderabad’s growing prominence in the global med-tech sector,” Mr. Rao said.
MEIC, with the expansion, aims to leverage the sizeable pool of diverse and skilled talent in India involving engineering, mobile apps, application and desktop software, cloud / web apps, data engineering, embedded software, product security, and cyber-product security. The investment will support in key healthcare technology areas like robotics, imaging and navigation, surgical technologies, and implantable technologies, Medtronic and Telangana government said in a joint release.
Describing Hyderabad as a strategic location for Medtronic, Mr.Marinaro said “we are proud to be collaborating with the government of Telangana on this major investment in the country.” The company believes in the potential of India, which has come to be known as a global hub for technology innovation, as a growing market for healthcare innovation too, he said.
The investment will unlock greater potential for the facility by fuelling innovation with activities contributing to the technology pipeline and creating more job opportunities, said Mr.Joshi. Telangana government’s efforts over the years have positioned Hyderabad as an innovation hub and healthcare ecosystem enabler, he said.
The Minister provided the Medtronic team an overview of various new developments and initiatives of Telangana government to promote healthcare technology sector and reiterated the commitment to support growth of the sector in the State as well as facilitating such expansion projects. Industries and IT Secretary Jayesh Ranjan and CEO, Telangana Lifesciences, Shakthi M Nagappan were present during the meeting.
Published - May 18, 2023 12:11 pm IST
