Medtronic plc. the global leader in medical technology, has decided to invest INR 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, Hon’ble Minister for Industries & IT Shri. 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 today via a virtual meeting with Mr. Omar Ishrak, Mr. Geoff Martha, Medtronic CEO, Mr. 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 Shri. Jayesh Ranjan, IAS and Director for Life Sciences Shri. Shakthi Nagappan from Govt. of Telangana.
Making the announcement Mr. Omar Ishrak, Executive Chairman and Chairman of the Board, Medtronic 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, Mr. KT Rama Rao briefed the Medtronic leadership team on various initiatives taken by the Telangana Government to promote the Medical Devices sector and the developments over the last few years. While recalling memories of his meeting with Mr. Omar Ishrak in the U.S., he congratulated him for taking over as the Executive Chairman of Medtronic and Chairman of the Board of Intel and congratulated Mr. Geoff Martha on his appointment as the new CEO of Medtronic.
Mr. KT Rama Rao said, “We are delighted that Medtronic has chosen Hyderabad as its largest R&D base outside the U.S. 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.”
During the conversation, Mr. KT Rama Rao alluded to how the story on India for India and India for the world is getting stronger with recent turn of global events and assured them of all support from the State Government for the company’s growth plans and aspirations in India.
Commenting on the announcement, Madan Krishnan, Vice President Indian Subcontinent and Minimally Invasive Therapies Group APAC concluded saying, “At Medtronic, invention and innovation are vital so that we can help enhance therapy outcomes for people with chronic diseases. MEIC conducts advanced engineering R&D and product development in the areas of design, analysis, advanced hardware- software development and testing. The futuristic vision of Govt. of Telangana and access to great infrastructure has enabled us to make this investment in Hyderabad. I’m confident that this major investment would create many job opportunities in healthcare and help energize the medical devices innovation ecosystem in India.”