Medtronic to turn Hyderabad into R&D hub with $160.3M investment
Category: #health  By Saipriya Iyer  Date: 2020-08-13
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Medtronic to turn Hyderabad into R&D hub with $160.3M investment

Medtronic, a medical device company, has reportedly announced an investment of Rs.1,200 crore ($160.3 million) to turn Hyderabad into its R&D center outside the U.S. The investment has been planned by the company since the past 5 years to develop its R&D hub for Medical Device Software & Engineering Solutions in India.

The plan to develop the ‘state-of-the-art engineering & innovation center’ in Hyderabad was decided when KT Rama Rao, IT & Industries Minister, and his team visited the U.S. and met the officials of Medtronic. The facility is slated to create up to 1,000 job opportunities.

Omar Ishrak, Medtronic’s executive chairman & chairman of the board, has commented on the partnership by stating that the investment marks its high commitment in the country. He also expressed the company’s excitement towards collaborating with the Telangana Government on this major project. Mr. Ishrak further added that the MEIC expansion will serve its mission to improve patients’ life via its medical technology, which is aligned with the mission of the Indian government to improve patients’ access to the healthcare systems.

Madan Krishnan, VP - Indian Subcontinent & MITG (Minimally Invasive Therapies Group) APAC, has cited that the country can enhance its therapy outcomes for patients who are suffering from chronic diseases by partnering with Medtronic. MEIC is known for conducting advanced engineering research & development and high product development in areas of testing, advanced hardware-software development, analysis, and design. He believes that the investment will also offer several job opportunities in the healthcare sector as well as enhance the medical device innovation system in the country.

Geoff Martha (CEO of Medtronic), Madan Krishnan, Bob White (EVP & President of MITG), and Mani Prakash (VP & President of R&D at MITG), among other executives, were present during Medtronic’s announcement to invest in India. Additionally, Jayesh Ranjan, Principal Secretary, and Shakthi Nagappan, Director for Life Sciences, also participated in the event.

Source credit:

https://www.newindianexpress.com/cities/hyderabad/2020/aug/11/medtronics-rs-1200-crore-investment-to-turn-hyderabad-into-hub-of-medical-devices-2182098.html



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Saipriya Iyer

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Saipriya Iyer

Saipriya Iyer develops content for Market Size Forecasters, Algosonline, and myriad other platforms. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her bel...

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