February 22, 2024

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Medtronic invests around Rs. 3000 crore to expand Engineering & Innovation Centre in Hyderabad

Medtronic plc on Thursday announced an investment of approximately Rs 3000 crore (more than $350M) to expand the Medtronic Engineering & Innovation Center (MEIC) in Hyderabad.

MEIC is Medtronic’s largest research and development (R&D) center outside of the US. 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 company said in a statement.

Medtronic leaders Mike Marinaro, Executive Vice President & President, Surgical, Mani Prakash, Vice President, Enterprise R&D, and Divya Prakash Joshi, Vice President & MEIC Site Leader, met the Hon’ble Minister for IT, Industries, Municipal Administration and Urban Development, Govt. of Telangana, Shri KT Rama Rao in New York, USA to announce. Mr. Jayesh Ranjan IAS, Principal Secretary, Industries and Commerce Dept., and Shakthi M Nagappan, CEO, Telangana Lifesciences, Government of Telangana, were also present.

“This investment builds on the initial investment of $160M in MEIC that was announced back in 2020 and expands the company’s footprint in India. MEIC currently employs 800+ people, primarily engineers, and is expected to grow to 1500+ over the next 5-year period with the investment announced today. With this expansion, MEIC aims to leverage the sizeable pool of diverse and skilled talent in India involving engineering, mobile apps, application and desktop software, cloud / web apps, data engineering, embedded software, product security, and cyber-product security,” the company said in a statement.

The investment will support in key healthcare technology areas like robotics, imaging and navigation, surgical technologies, and implantable technologies, it added.

“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,” K.T Rama Rao said in a statement.

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.