HYDERABAD, May 18: Medtronic Plc, a global leader in healthcare technology, on Thursday announced an investment of approximately Rs 3000 crore (more than USD 350 Million) to expand the Medtronic Engineering & Innovation Center (MEIC) here.
A press release from Medtronic said MEIC is the company’s largest research and development (R&D) center outside of the US and the investment is a part of Medtronic’s overall global R&D led innovation and growth strategy.
Medtronic leadership team met Telangana Minister for IT and Industries, KT Rama Rao in New York, US.
This investment builds on the initial investment of USD 160 Million in MEIC that was announced back in 2020 and expands the company’s footprint in India.
MEIC currently employs over 800 people, primarily engineers, and is expected to grow to more than 1500, over the next five year period with the investment announced today, it noted.
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, it further said.
K T Rama Rao said the expansion of MEIC in Hyderabad is a testament to the city’s robust ecosystem and its 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,” the minister said.
Executive Vice President & President, Surgical, Medtronic, Mike Marinaro 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.” (PTI)
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