- The Centre Aims to Reach 1000 Employees in Next Five Years
- To Be the Largest Research and Development Center Outside the U.S. for Medtronic
Medtronic plc (NYSE:MDT), the global leader in medical technology, today announced the inauguration of its newly expanded state-of-the-art Medtronic Engineering and Innovation Center (MEIC) in Hyderabad. The research and development facility was inaugurated by Shri KT Rama Rao, honorable minister for Municipal Administration & Urban Development, Industries & Commerce, and Information Technology and his team of officials from the Government of Telangana. Joining the event virtually were Smt. S. Aparna, honorable secretary, Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, Govt. of India, Joel Reifman, U.S. consul general, Hyderabad, and Geoff Martha, Medtronic chairman and CEO. Key dignitaries present at the event were Shri Jayesh Ranjan, principal secretary, Industries & Commerce and IT, Government of Telangana, and Shri Shakthi Nagappan, director, Life Sciences & Pharma, Government of Telangana.
The 150,000 square feet center employs engineers currently in the areas of software development and testing, test automation, mechanical design, analysis and hardware. With this expansion, MEIC aims to leverage the sizeable pool of diverse and skilled talent in India to continue its pioneering work in the medical technology space and add further to Medtronic’s 150+ patents and 400+ IP disclosures globally that MEIC has been a part of.
“Innovation is one of the cornerstones for Medtronic. Over the years, Medtronic has expanded its footprint, while significantly contributing to the healthcare ecosystem. Given the market size and availability of high-class talent pool, India is transforming into a global R&D hub,” said Mr. Martha. “With MEIC we aim to tap the talent to continue to innovate for India and beyond. This partnership with Govt. of Telangana for the expansion of MEIC will help us serve our Mission – to alleviate pain, restore health and extend life for patients around the world.”
Globally, Medtronic has spent approximately $2.3 billion annually in research and development in recent years, and MEIC recently received an investment of INR 1200cr ($160 million) for expansion in Hyderabad. This investment planned over 5 years aims to foster global innovation and create several job opportunities.
During the inauguration, Shri KT Rama Rao reiterated the contribution of Medtronic in India’s R&D and said, “Hyderabad today is emerging as a hotspot for Medtech innovation benefitting from the progressive Government policies, abundant talent pool, extraordinary infrastructure, etc. The Government of Telangana is fully committed to foster the culture of innovation in the state and has been undertaking several initiatives to mark India on a global map as an ideal destination for both manufacturing and research & development. Hyderabad is already home to marquee technology and life sciences companies and now, we are extremely delighted to host the largest R&D facility for Medtronic outside the United States. Medical devices sector has been identified as one key focus sector by the state. Inauguration of the new MEIC site will boost Telangana’s MedTech plans and cement Hyderabad’s position as the medical devices hub in India.”
Speaking at the inauguration function, Madan Krishnan, vice president and managing director, India Medtronic Pvt Ltd., said, “Hyderabad is positioned to become India’s hub for technology companies across the world. We see enormous potential in energizing the medical devices innovation ecosystem in the country. The R&D team in India is a key contributor to Medtronic’s global product development. The opening of the new site is an important milestone for us as it serves as a critical component in strengthening our global R&D organization and will also drive innovation and growth.”
MEIC serves as a global hub for development, testing and qualification for some of the most advanced and innovative technologies. The setting up of new R&D facility is a purposeful step to create synergy by supporting Medtronic’s businesses globally, in various therapy areas; including respiratory intervention, remote patient monitoring and digital health, surgical robotics, electrosurgical generators, cardiac rhythm and heart failure, and navigation, amongst others.
Commenting on the unveiling of the centre, Divya Prakash Joshi, senior director and site leader, MEIC, Hyderabad said, “The newly expanded center houses state-of-the-art labs that provide software and engineering support to Medtronic globally. The new facility has been designed with safety, comfort, and the well-being of employees as a top priority. With access to top-notch STEM professionals, the strategic goal of MEIC is to become a destination centre for medical device software and engineering solutions. Through this R&D centre, Medtronic continues to demonstrate its commitment to use medical technology to alleviate pain, restore health and extend life for patients around the world.”
The Medtronic team inaugurated the site in a responsible manner by taking all the necessary steps to follow COVID-19 precautionary measures for the event.
Medtronic plc (www.medtronic.com), headquartered in Dublin, Ireland, is among the world’s largest medical technology, services and solutions companies – alleviating pain, restoring health and extending life for millions of people around the world. Medtronic employs more than 90,000 people worldwide, serving physicians, hospitals and patients in more than 150 countries. The company is focused on collaborating with stakeholders around the world to take healthcare Further, Together.
Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic’s periodic reports on file with the Securities and Exchange Commission. Actual results may differ materially from anticipated results.
