Medtronic pledges USD 350 Mn to expand R&D operations in India

Medtronic, a leading healthcare technology company, has announced plans to expand its R&D center in Hyderabad, India, with a whopping investment of USD 350 million. The existing facility is already the largest center for the company outside the United States and this investment will further strengthen its position.

The move is part of the company's global R&D led innovation and growth strategy. It will build on the initial USD 160 million investment made in the Medtronic Engineering & Innovation Center in 2020. The center currently employs over 800 engineers, and with this additional investment, the number is expected to go beyond 1,500 over the next five years.

The announcement was made after a meeting between Medtronic's top executives and Telangana Industries & IT Minister K.T. Rama Rao in New York. The joint statement released by them cited that as part of its expansion plans, MEIC aims to leverage India's sizable pool of diverse and skilled talent in areas such as engineering, mobile & desktop software, data engineering, and product security. This investment will favor key healthcare technology areas like imaging & navigation, robotics, surgical technologies, and implantable technologies.

Medtronic VP, Mike Marinaro was quoted saying that the company viewed Hyderabad as a strategic location and was proud to be collaborating with the government of Telangana on the major investment in the country. With India being recognized as a global hub for technology innovation, healthcare innovation is also booming.

While Divya Prakash Joshi, MEIC site leader, said that the investment will enable the facility to discover new potential, fueling innovation and creating more job opportunities. He added that efforts by Telangana government over the years have positioned Hyderabad as an enabler for healthcare ecosystem and innovation hub.

A comprehensive overview of the latest advancements and initiatives in the healthcare technology sector in the state was given to the Medtronic team and were reaffirmed the government's dedication to promoting the growth of the industry in the state and facilitating expansion projects.

Credit Source: https://www.thehindu.com/business/medtronic-to-expand-rd-operations-in-hyderabad-with-3000-cr-investment/article66865018.ece