HYDERABAD: With an investment of Rs 1,200 crore, Hyderabad will host Medtronic's largest global research and development center outside the United States of America.
The investment is planned over five years and is aimed at making Hyderabad the hub of medical devices in the country.
The company will expand their current R&D Center for Medical Device Software and Engineering Solutions facility with an investment of Rs 1,200 crore into a 'state of the art engineering and innovation center' in Hyderabad.
While the modalities of the deal have been in the making for the last two years, it all started in 2016, when the Industries minister KT Rama Rao and his team of officials visited the USA and had met with Medtronic officials.
While announcing the partnership on Tuesday, Omar Ishrak, executive chairman and chairman of the board of Medtronic said, "Medtronic’s investment in India is a testament to our commitment to the region and we are proud to be collaborating with the Government of Telangana on this major investment in the country.
Ishrak further said, "The expansion of MEIC will help us serve the Medtronic Mission to use medical technology to alleviate pain, restore health and extend life for patients around the world, which is also aligned with the government’s vision to improve access to healthcare for patients in India.”
Rama Rao who was present during the virtual announcement expressed his happiness at Hyderabad being chosen for the facility and also because it is slated to create 1,000 jobs.
He said, "We are delighted that Medtronic has chosen Hyderabad as its largest R&D base outside the U.S. and intends to create about 1000 jobs in the next few years.
It is indeed a great honour for the city to host this center and it is a testimony to Hyderabad’s growing prowess in the medical devices sector.
"Government of Telangana is committed to the growth of med-tech in the state and we see this partnership with Medtronic as a pivotal one. We will work with them to ensure this center will continue to contribute to their remarkable efforts to improve healthcare globally,” he added.
Commenting on the announcement, Madan Krishnan, Vice President Indian Subcontinent and Minimally Invasive Therapies Group APAC concluded saying, “At Medtronic, invention and innovation are vital so that we can help enhance therapy outcomes for people with chronic diseases. MEIC conducts advanced engineering R&D and product development in the areas of design, analysis, advanced hardware-software development and testing.
The futuristic vision of Govt. of Telangana and access to great infrastructure has enabled us to make this investment in Hyderabad. I’m confident that this major investment would create many job opportunities in healthcare and help energize the medical devices innovation ecosystem in India.”
Others present during the announcement include Geoff Martha, Medtronic CEO, Bob White, EVP and President, Minimally Invasive Therapies Group (MITG), Madan Krishnan, Vice President Indian Subcontinent and MITG APAC, Mani Prakash, Vice President R&D, MITG, Subu Mangipudi Vice President RGI Quality & MEIC and Divya Prakash Joshi, senior engineering Director & Site Leader, MEIC Hyderabad.
Among others from the State government's side who attended the meeting included Principal Secretary Jayesh Ranjan, and Director for Life Sciences Shakthi Nagappan.