Medtronic, a medical technology company, will invest Rs 3,000 crore ($350 million) in a research and development centre in Hyderabad that is its largest such facility outside the US.
As part of its global R&D-led innovation and growth strategy, the company will expand the initial $160 million investment it announced for the Medtronic Engineering & Innovation Center (MEIC) in 2020. MEIC employs more than 800 people and the number will cross 1,500 over the next five years.
Mike Marinaro, executive vice president and president-surgical operating unit, and other Medtronic’s leaders met with Telangana IT minister KT Rama Rao who is visiting the US.
“Telangana has been a front-runner in the field of life sciences 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,” Rao said.
The investment will support robotics, imaging and navigation, surgical technologies, and implantable technologies. It will leverage the talent in India involving engineering, mobile apps, application and desktop software, cloud / web apps, data engineering, embedded software, product security, and cyber-product security.
Marinao said: “India is known as a global hub for technology innovation, and we believe in India’s potential as a growing market for healthcare innovation. Hyderabad has proven to be a strategic location for Medtronic, and we are proud to be collaborating with the Government of Telangana on this major investment in the country. We are committed to investing in India's healthcare ecosystem and delivering innovative solutions that improve patient outcomes.”