Medtronic to invest Rs 3000 Cr for developing MEIC in Hyderabad

Hyderabad: Medtronic will invest Rs 3000 crore (more than $350M) to develop Medtronic Engineering & Innovation Centre (MEIC) in Hyderabad.

The largest R&D facility for Medtronic outside of the US. MEIC is an important step towards the expansion of the healthcare technology industry in India.

The investment is a component of Medtronic's overarching R&D-led innovation and growth strategy for the world market. The Telangana state government's attempts to make Hyderabad a center for international healthcare technology research and innovation have the support of Medtronic.

Leaders from Medtronic met with KT Rama Rao, Telangana Minister for IT, Industries, Municipal Administration, and Urban Development, in New York, to make an announcement. Mike Marinaro, Executive Vice President & President, of Surgical, Mani Prakash, Vice President, Enterprise R&D, and Divya Prakash Joshi, Vice President & MEIC Site Leader were present. Additionally present were Shakthi M. Nagappan, CEO of Telangana Lifesciences, and Jayesh Ranjan IAS, Principal Secretary, Industries and Commerce Department.

The company's presence in India has increased thanks to this investment, which adds to the $160 million original investment in MEIC that was disclosed back in 2020. With the investment announced today, MEIC, which presently employs 800+ people, mostly engineers, is anticipated to increase to 1500+ over the next five years.

By growing, MEIC hopes to take advantage of the large and diversified talent pool in India that is talented and knowledgeable in engineering, mobile applications, desktop software, cloud/web apps, data engineering, embedded software, product security, and cyber-product security. Key healthcare technology fields supported by the funding include robots, imaging and navigation, surgical technology, and implantable technology.

According to K.T. Rama Rao, Telangana has been a pioneer in the field of life sciences and was one of the first Indian States to notice the enormous potential and rapid expansion of the medical device industry. The growth of MEIC in Hyderabad is evidence of the city's thriving ecosystem and of Hyderabad's rising stature in the world of medical technology. We are thrilled to keep funding Medtronic's expansion and anticipate its ongoing contributions to healthcare innovation in the region and nation.

"India is known as a global hub for technology innovation, and we believe in India's potential as a growing market for healthcare innovation. Medtronic has found Hyderabad to be a crucial site, and we are pleased to be working with the Government of Telangana on this major investment in the nation. We are devoted to offering cutting-edge solutions that enhance patient outcomes and investing in India's healthcare environment” said Mike Marinaro, Executive Vice President & President, Surgical, Medtronic.

Divya Prakash Joshi, VP & Site Leader of MEIC, said: "Investment in R&D is the cornerstone for innovation and success in the healthcare technology sector. We can better patient outcomes, raise the standard of treatment, and promote economic growth thanks to it. Hyderabad has been positioned as an innovation center and a facilitator of the healthcare ecosystem thanks to the efforts of the Telangana government over the years. We are hopeful for the future since the investment will enable the center's full potential by fostering innovation through initiatives that add to the pipeline of new technologies and expand employment prospects”.

KTR gave the Medtronic leadership team a summary of the numerous recent advancements and actions made by the Telangana Government to advance the healthcare technology industry during the meeting. The Minister reaffirmed the Telangana Government's commitment to encouraging the expansion of the state's healthcare technology industry and facilitating such initiatives, which would in turn aid in the preservation of many lives in India.