Posted by Hyderabad: Medtronic, a medical technology provider will invest Rs 1200 crore to scale up and expand its current R&D centre in Hyderabad. The facility will be expanded into an engineering and innovation centre.
For the company, the Medtronic Engineering & Innovation Centre (MEIC) will be the largest global R&D centre outside of the US. This investment planned over 5 years will provide a boost to Telangana’s MedTech plans. a.
The Telangana Government and Medtronic have been in talks for the last two years regarding the investment modalities. During his visit to the US in 2016, Telangana’s Minister for Industries & IT KT Rama Rao and state officials had held meeting Omar Ishrak, Executive Chairman and Chairman of the Board, Medtronic.
The partnership was finally announced on Tuesday via a virtual meeting with Omar Ishrak, Geoff Martha – Medtronic CEO, Bob White – EVP and President, Minimally Invasive Therapies Group (MITG), Madan Krishnan – VP Indian Subcontinent and MITG APAC, Mani Prakash, VP – R&D, MITG, Subu Mangipudi VP – 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 Telangana Government.
“Research and Development leads 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 Omar Ishrak, Chief Medtronic.
“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,” added Ishrak.
“We are 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,” said Minister KT Rama Rao. .
“MEIC conducts advanced engineering R&D and product development in the areas of design, analysis, advanced hardware- software development and testing,” said Madan Krishna of Medtronic.