Minister K T Rama Rao today inaugurated the Medtronic Engineering and Innovation Centre in Hyderabad.
Telangana IT and Industries Minister K T Rama Rao today inaugurated the Medtronic Engineering and Innovation Centre (MEIC) in Hyderabad, built as part of the company's promise to scale up its operations in the city.
(Medtronic has been in Hyderabad for about a decade, and has so far employed 400 people.)
Speaking on the occasion, a visibly elated Rao gushed that the new state-of-the-art research centre was to be the largest one owned by Medtronic outside the US.
"Hyderabad today is emerging as a hotspot for med-tech innovation under the conducive ecosystem created by the progressive policies of the Telangana government for the same. The state's abundant talent pool and extraordinary infrastructure have also helped our capital city become a major centre for healthcare-related research. Our government is fully committed to fostering a culture of innovation in the state and has been undertaking several initiatives to help India make its mark on the global level as an ideal destination for both manufacturing and Research and Development (R&D) of pharmaceutical goods. Hyderabad is already home to industry giants like Marquee Technology and Lifesciences. Now, we are delighted to be able to host the largest R&D facility owned by Medtronic outside the United States," he said.
"The medical devices sector has been identified as one of prime importance by our government. The launch of the MEIC will boost Telangana's MedTech plans and cement Hyderabad's position as the top medical devices hub in India, and will surely energise the ecosystem for Medtech research in the country," the minister added.
Key dignitaries present at the event were Principal Secretary (Industries & Commerce, and IT) Jayesh Ranjan, Director (Life Sciences and Pharma Department) Shakthi Nagappan and India Medtronic Pvt Ltd VP Madan Krishnan.
Secretary (Department of Pharmaceuticals, Union Ministry of Chemicals and Fertilisers) S Aparna, US Consul General (Hyderabad) Joel Reifman, and Medtronic Chairman and CEO Geoff Martha also attended the event virtually.
With this expansion, MEIC aims to benefit from the sizeable pool of diverse and skilled talent in India to continue its pioneering work in the medical technology space and add further to Medtronic’s 150+ patents and 400+ IP disclosures globally.
Speaking further on the matter, CEO Geoff Martha said, "Innovation is one of the cornerstones for Medtronic. Over the years, we have expanded our footprint, while significantly contributing to the healthcare ecosystem. Given the market size and the availability of a high-quality talent pool, India is transforming into a global R&D hub. With the MEIC, we aim to tap the talent to continue to innovate for India and beyond. This partnership with the government of Telangana for the expansion of MEIC will help us serve our mission – to alleviate pain, restore health and extend life for patients around the world."
"Globally, Medtronic has spent approximately $2.3 billion annually in research and development in the east few years, and MEIC recently received an investment of Rs 1,200 crore ($160 million) for the expansion in Hyderabad. This investment, planned over 5 years, aims to foster global innovation and create several job opportunities in the region," he added.
Medtronic India head Madan Krishnan further elaborated, "Hyderabad is positioned to become India's hub for technology companies across the world. We see enormous potential in energising the medical devices innovation ecosystem in the country. The R&D team in India is a key contributor to Medtronic’s global product development. We look forward to a fruitful stint in Hyderabad."
Covering 150,000 square feet, the MEIC has employed engineers who will be working on software development and testing, test automation, mechanical design, analysis and hardware. It aims to recruit 1,000 employees.