Minister KT Rama Rao, Officers with the leadership team of Medtronics in New York. , photo credit: arrangement
Medtronic, a global leader in healthcare technology, will expand its footprint in Hyderabad with an investment of ₹3,000 crore (about $350 million) on its research and development centre, which is already the largest such facility for the company outside the United States. Works in
A component of the company’s global R&D-led innovation and growth strategy, the proposed investment will build on an initial $160 million investment announced in 2020 in the Medtronic Engineering and Innovation Center here. MEIC currently employs over 800 people, mainly engineers, and this number is expected to exceed 1,500 with additional investments in the next five years.
The announcement came after Medtronic’s Executive Vice President and President-Surgical Operating Unit, Mike Marinaro, Vice President-Enterprise R&D Mani Prakash and Vice President and MEIC Site Leader Divya Prakash Joshi met with Industry and IT Minister KT Rama Rao, who is in the US. With the authorities, in New York.
“Telangana has been a pioneer in the life sciences sector and was one of the first states to recognize medical devices as a high potential and high growth sector in India. The expansion of MEIC is a testament to the city’s strong ecosystem and Hyderabad’s growing prominence in the global med-tech sector,” said Mr. Rao.
With the expansion, MEIC aims to leverage the large pool of diverse and skilled talent in India across engineering, mobile apps, applications and desktop software, cloud/web apps, data engineering, embedded software, product security and cyber-product security. Medtronic and the Telangana government said in a joint release that the investment will support key healthcare technology areas such as robotics, imaging and navigation, surgical techniques and implantable technologies.
Describing Hyderabad as a strategic location for Medtronic, Mr. Marinaro said, “We are proud to partner with the Government of Telangana on this major investment in the country.” The company believes in the potential of India, known as a global hub for technology innovation, also as a growing market for healthcare innovation, he said.
Mr Joshi said the investment will open up more possibilities for facilitation by fostering innovation and creating more employment opportunities with activities contributing to the technology pipeline. He said that the efforts of the Telangana government over the years have established Hyderabad as an innovation hub and healthcare ecosystem enabler.
The Minister provided the Medtronic team an overview of various new developments and initiatives of the Government of Telangana to boost the healthcare technology sector and reiterated the commitment to promote such expansion projects along with the growth of the sector in the State. Industries and IT Secretary Jayesh Ranjan and Telangana Lifesciences CEO Sakthi M Nagappan were present during the meeting.