Global leader in medical technology Medtronic has decided to invest Rs 1,200 crore in scaling up and expanding its current research and development centre into a modern engineering and innovation hub in Hyderabad.
Medtronic Engineering and Innovation Center (MEIC) will be the largest global R&D center outside of the United States for Medtronic and the proposed investment, planned over 5 years, will provide a boost to Telanganas MedTech plans and cement the city’s position as the Medical Devices hub in India, an official release said on Tuesday.
During his visit to the United States in 2016, Minister for Industries and IT K T Rama Rao and his team of officials had a meeting with Omar Ishrak, Executive Chairman and Chairman of the Board, Medtronic and both have been in discussion for the last two years regarding the modalities of investment, the release said.
Making the announcement through a virtual meeting, Omar Ishrak was quoted as saying, “Medtronics 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. 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 governments vision to improve access to healthcare for patients in India.”
“We are delighted that Medtronic has chosen Hyderabad as its largest R&D base outside the U.S. and intends to create about 1,000 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 Hyderabads growing prowess in the medical devices sector,” the minister said.