HYDERABAD: The newly expanded state-of-the-art Medtronic Engineering and Innovation Centre (MEIC) set up by Medtronic PLC, a global leader in medical technology, in Hyderabad, is expected to attract an investment of `1,200 crore ($160 million) for expansion. The investment is planned over five years to foster global innovation and create job opportunities.
The research and development facility was inaugurated by Industries Minister KT Rama Rao at a virtual event on Wednesday. In recent times, Medtronic has been spending $2.3 billion annually in research and development.The 150,000 square feet centre currently employs engineers in the areas of software development and testing, test automation, mechanical design, analysis and hardware.
With this expansion, the MEIC aims to leverage 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 over 150 patents and more than 400 IP disclosures globally that MEIC has been a part of.
Geoff Martha, Medtronic Chairman and CEO, said: “Over the years, Medtronic has expanded its footprint, while significantly contributing to the healthcare ecosystem. Given the market size and availability of high-class talent pool, India is transforming into a global R&D hub. With MEIC, we aim to tap the talent to continue to innovate for India and beyond. This partnership with government of Telanana for the expansion of MEIC will help us serve our Mission -– to alleviate pain, restore health and extend life for patients around the world.”
In his inaugural address, KT Rama Rao reiterated the contribution of Medtronic to India’s R&D and said: “Hyderabad today is emerging as a hotspot for Medtech innovation benefitting from the progressive government policies, abundant talent pool, extraordinary infrastructure and so on. The government of Telangana is fully committed to foster the culture of innovation in the State and has been undertaking several initiatives to mark India on a global map as an ideal destination for both manufacturing and research & development.”
‘Emerging tech can fight Covid’
IT Minister KT Rama Rao participated virtually in the Global Technology Government Summit organised by the World Economic Forum, Japan on Wednesday and spoke on the theme ‘Saving Lives with Emerging Technologies’. Rama Rao said Telangana will utilise emerging technologies to boost health sector services to combat the Covid-19 pandemic. He stressed on the need for digitisation of the health profile of every citizen. He pointed out that the state has been at the forefront of leveraging technologies like Artificial Intelligence, for delivering efficient citizen-centric services. The summit had 45 delegates, including heads of technology companies and the Rwandan IT Minister Paula Ingabire.