Medtronic plc, the global leader in medical technology, has decided to invest Rs 1,200 crores in scaling up and expanding the current R&D center in Hyderabad into a state-of-the-art engineering and innovation center.
Medtronic Engineering and Innovation Center (MEIC) will be the largest global R&D center outside of the United States for Medtronic. This investment, planned over 5 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 discussions for the last two years regarding the modalities of investment. During his visit to the United States in 2016, Minister for Industries and IT KT Rama Rao and his team of officials had a meeting with Omar Ishrak, Executive Chairman and Chairman of the Board of Medtronic.
The partnership was finally announced on Tuesday during a virtual meeting with top officials of the firm, including Omar 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 the government of Telangana.
Making the announcement Ishrak said, “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. 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, KT 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.
“We are delighted that Medtronic has chosen Hyderabad as its largest R&D base outside the US and intends to create about 1000 jobs in the next few years. It is indeed a great honour for the city to host this center and it is a testimony to Hyderabad’s growing prowess in the medical devices sector. The 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. We will work with them to ensure this center will continue to contribute to their remarkable efforts to improve healthcare globally," Rao said.