Hyderabad: US-based Medtronic plc, the global leader in medical technology, has decided to invest Rs 1200 crores in scaling up and expanding the current R&D center into a state-of-the-art engineering and innovation center in Hyderabad.
Medtronic Engineering & 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 discussion for the last two years regarding the modalities of investment.
During his visit to the United States in 2016, Telangana Minister for IT KT Rama Rao and his team of officials from Government of Telangana had a meeting with Mr. Omar Ishrak, Executive Chairman and Chairman of the Board, Medtronic.
The partnership was finally announced on Tuesday via a virtual meeting with Omar Ishrak, Medtronic CEO Mr. Geoff Martha and Divya Prakash Joshi, Sr Engineering Director & Site Leader, MEIC Hyderabad.
Among others who participated in the meeting along with the Minister are Telangana Principal Secretary (IT)Jayesh Ranjan and Director for Life Sciences Shakthi Nagappan.
Making the announcement, Omar Ishrak, said, 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, said Omar.
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 days.
The Minister said, “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.
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, the Minister added.
Commenting on the announcement, Madan Krishnan, Vice President Indian Subcontinent and Minimally Invasive Therapies Group APAC , said . ‘ I am confident that this major investment would create many job opportunities in healthcare and help energize the medical devices innovation ecosystem in India.”