Medtronic supports the Telangana government’s efforts to position Hyderabad as a global hub for healthcare technology research and innovation.
Updated – Thu, 18 May 23 at 09:59 AM
Hyderabad: Medtronic PLC, a global healthcare technology leader headquartered in Dublin, has announced an investment of over $350 million (approximately Rs. Deraba.
The MEIC is Medtronic’s largest research and development (R&D) center outside the United States. The investment is part of Medtronic’s overall global R&D-led innovation and growth strategy. Medtronic supports the Telangana government’s efforts to position Hyderabad as a global hub for healthcare technology research and innovation.
The announcement came after Medtronic leaders Mike Marinaro, Executive Vice President and President of Surgery, Mani Prakash, Vice President, Corporate R&D, and Divya Prakash Joshi, Vice President and MEIC Site Leader, met with IT and Industry Minister KT Rama Rao in New York.
Also present were Principal Secretary for Industry and Commerce Jayesh Ranjan and Telangana Lifesciences CEO Shakthi M Nagappan.
The investment builds on the initial US$160 million investment in MEIC announced in 2020, and aims to expand the company’s footprint in India. MEIC currently employs more than 800 people, mainly engineers, and with the investment announced on Thursday, this is expected to grow to more than 1,500 over the next five years.
With this expansion, MEIC aims to leverage India’s large pool of diverse skilled talent in engineering, mobile applications, application and desktop software, cloud/web applications, data engineering, embedded software, product security and cyber product security . According to an official statement, the investment will support key medical technology areas such as robotics, imaging and navigation, surgical technology and implant technology.
“Telangana has been a frontrunner in the life sciences sector and was one of the first states in India to see medical devices as a high potential and high growth industry. MEIC’s expansion in Hyderabad is a testament to the city’s strong ecosystem and Hyderabad’s global presence growing prominence in the medtech space. We are pleased to continue to support Medtronic’s growth and look forward to their continued contribution to state and national healthcare innovation,” said Rama Rao.
“India is known as a global technology innovation hub 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 partner with the Telangana government in Collaborating on this significant investment in the country. We are committed to investing in India’s healthcare ecosystem and delivering innovative solutions to improve patient outcomes,” said Mike Marinaro, Executive Vice President and President, Surgery, Medtronic.
“Investment in R&D is fundamental to innovation and advancement in the field of medical technology. It enables us to improve patient outcomes, improve the quality of care and drive economic growth. Over the years, the government. Telangana has worked hard to position Hyderabad as an innovation hub and healthcare Ecosystem enabler. That’s why we’re excited about the future, as this investment will drive innovation and create more jobs through activities that contribute to the technology pipeline, unlocking even greater potential for the Center,” said Vice President said Divya Prakash Joshi, who is also MEIC Site Leader.
During the meeting, the minister outlined to the Medtronic leadership team the various new developments and initiatives undertaken by the Telangana government to boost the healthcare technology sector. The Minister reiterated the Telangana government’s commitment to support the growth of the state’s healthcare technology sector and facilitate such expansion projects.
