Bengaluru, 20th May 2023: In a significant move towards the growth of the healthcare technology sector in India, Medtronic plc, the global leader in healthcare technology, announced an investment of approximately INR 3000cr (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 a part of Medtronic’s overall global R&D led innovation and growth strategy. Medtronic supports the Govt. of Telangana’s efforts to position Hyderabad as a global hub for healthcare technology research and innovation.
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 Mr. 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 investment will support in key healthcare technology areas like robotics, imaging and navigation, surgical technologies, and implantable technologies.
Mr. K.T Rama Rao said, “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.”
Mike Marinaro, Executive Vice President & President, Surgical, Medtronic said, “India is known as a global hub for technology innovation, and we believe in India’s potential as a growing market for healthcare innovation. Hyderabad has proven to be a strategic location for Medtronic, and we are proud to be collaborating with the Government of Telangana on this major investment in the country. We are committed to investing in India’s healthcare ecosystem and delivering innovative solutions that improve patient outcomes.”
Commenting on the announcement, Divya Prakash Joshi, VP & Site Leader of MEIC said, “Investment in R&D is the foundation for innovation and progress in the healthcare technology sector. It enables us to improve patient outcomes, enhance healthcare quality, and drive economic growth. Over the years, Govt. of Telangana’s efforts have positioned Hyderabad as an innovation hub and healthcare ecosystem enabler. That is why we are excited for the future as the investment will unlock greater potential for the center by fuelling innovation with activities contributing to the technology pipeline and creating more job opportunities.”
During the meeting, Mr. 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.