Medtronic plc, the global leader in healthcare technology, has announced an investment of approximately Rs. 3,000 crore (more than US$ 350 million) to expand the Medtronic Engineering & Innovation Centre (MEIC) in Hyderabad, in a significant step towards the growth of the healthcare technology sector in India.
MEIC is Medtronic's largest R&D centre outside of the United States. Medtronic's investment is part of the company's overall global R&D-led innovation and growth strategy. Medtronic supports the Telangana government's efforts to establish Hyderabad as a global centre for healthcare technology research and innovation.
Medtronic executives Mike Marinaro, executive vice president and president of surgical, Mani Prakash, vice president of Enterprise R&D, and Divya Prakash Joshi, vice president and MEIC Site Leader, met with Telangana Minister for IT, Industries, Municipal Administration, and Urban Development, KT Rama Rao, in New York, USA, to make the announcement. In attendance were Jayesh Ranjan IAS, principal secretary, industries and commerce department, and Shakthi M Nagappan, CEO, Telangana Lifesciences, Government of Telangana.
This investment builds on MEIC's initial investment of US$ 160 million announced in 2020, and it expands the company's footprint in India. MEIC currently employs 800+ people, primarily engineers, and the investment announced today is expected to increase that number to 1,500+ over the next five years. MEIC intends to leverage India's large pool of diverse and skilled talent in engineering, mobile apps, application and desktop software, cloud/web apps, data engineering, embedded software, product security, and cyber-product security with this expansion. The funding will go towards key areas of healthcare technology such as robotics, imaging and navigation, surgical technologies, and implantable technologies.
KT Rama Rao said, “Telangana has been a front-runner in the field of life sciences and was also one of the first states in India to recognise medical devices as a high-potential and high growth sector. The expansion of MEIC in Hyderabad is a testament to the city's robust ecosystem and Hyderabad's growing prominence in the global med-tech sector. We are thrilled to continue our support for Medtronic's growth and look forward to their continued contributions to healthcare innovation in the state and country.”
Mike Marinaro, executive vice president & president, Surgical, Medtronic said, “India is known as a global hub for technology innovation, and we believe in India’s potential as a growing market for healthcare innovation. Hyderabad has proven to be a strategic location for Medtronic, and we are proud to be collaborating with the Government of Telangana on this major investment in the country. We are committed to investing in India's healthcare ecosystem and delivering innovative solutions that improve patient outcomes.”
Commenting on the announcement, Divya Prakash Joshi, VP & site leader of MEIC said, “Investment in R&D is the foundation for innovation and progress in the healthcare technology sector. It enables us to improve patient outcomes, enhance healthcare quality, and drive economic growth. Over the years, Telangana’s efforts have positioned Hyderabad as an innovation hub and healthcare ecosystem enabler. That is why we are excited for the future as the investment will unlock greater potential for the centre by fuelling innovation with activities contributing to the technology pipeline and creating more job opportunities.”
During the meeting, KT Rama Rao provided the Medtronic leadership team with an overview of various new developments and initiatives taken by the Telangana government to promote the healthcare technology sector. The Minister reiterated Telangana government's commitment to supporting the growth of the healthcare technology sector in the state and facilitating such expansion projects, which in turn would help save many lives in India.