Medtronic to inject Rs 1200 crore for R&D center in Hyderabad

In a five year investment plan to provide a boost to Telangana’s MedTech plans and cement Hyderabad’s position as the Medical Devices hub in India, Medtronic has decided to invest INR 1200 crores

The plan is into scaling up and expanding the current R&D center into a state-of-the-art engineering and innovation center in Hyderabad. Medtronic Engineering & Innovation Center (MEIC) will be the largest global R&D center outside of the United States for Medtronic.

The Government of Telangana and Medtronic have been in discussion for the last two years regarding the modalities of investment. During his visit to the United States in 2016, Hon’ble Minister for Industries & IT Shri. KT Rama Rao and his team of officials from Government of Telangana had a meeting with Omar Ishrak, Executive Chairman and Chairman of the Board, Medtronic.

The partnership was finally announced today via a virtual meeting. During the virtual meeting, KT Rama Rao briefed the Medtronic leadership team on various initiatives taken by the Telangana Government to promote Medical Devices sector and the developments over the last few years. While recalling memories of his meeting with Mr. Omar Ishrak in the U.S., he congratulated him for taking over as the Executive Chairman of Medtronic and Chairman of the Board of Intel and congratulated Mr. Geoff Martha on his appointment as the new CEO of Medtronic.

During the conversation, Mr. KT Rama Rao alluded to how the story on India for India and India for the world is getting stronger with recent turn of global events and assured them of all support from the State Government for the company’s growth plans and aspirations 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 1000 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 Hyderabad’s growing prowess in the medical devices sector. Government of Telangana is committed to the growth of med-tech in the state and we see this partnership with Medtronic as a pivotal one. We will work with them to ensure this center will continue to contribute to their remarkable efforts to improve healthcare globally,” said KT Rama Rao said,

Making the announcement Mr. Omar Ishrak, Executive Chairman and Chairman of the Board, Medtronic said, “Research and Development leads to innovation and innovation is crucial to our growth strategy. Medtronic’s 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 government’s vision to improve access to healthcare for patients in India.”