Hyderabad, Apr 7 (IANS): Global leader in medical technology, Medtronic on Wednesday opened its expanded facility here, which is the company's largest research and development centre outside the US.
Telangana's minister for industry K.T. Rama Rao inaugurated the facility named Medtronic Engineering & Innovation Centre (MEIC) which has come up at BSR Tech Park at Nanakramguda.
Last year, the company had announced that it will invest Rs 1,200 crore over the next five years to expand their current R&D Center for Medical Device Software and Engineering Solutions. The Centre aims to recruit 1,000 employees.
Medtronic said MEIC is a true symbol of its commitment to growth and service to patients in India and globally. The centre conducts advanced engineering R&D and product development work in the areas of design, analysis, hardware, software development and testing, while developing capabilities for future product development in the MedTech space.
The 1,50,000 square feet center employs engineers currently in the areas of software development and testing, test automation, mechanical design, analysis and hardware.
With this expansion, MEIC aims to leverage the sizeable pool of diverse and skilled talent in India to continue its pioneering work in the medical technology space and add further to Medtronic's over 150 patents and over 400 IP disclosures globally that MEIC has been a part of.
The setting up of new R&D facility is a purposeful step to create synergy by supporting Medtronic's businesses globally, in various therapy areas; including respiratory intervention, remote patient monitoring and digital health, surgical robotics, electrosurgical generators, cardiac rhythm and heart failure, and navigation, amongst others.
Globally, Medtronic has spent approximately $2.3 billion annually in research and development in recent years, and MEIC recently received an investment of Rs 1,200 crore ($160 million) for expansion in Hyderabad. This investment planned over five years aims to foster global innovation and create several job opportunities.
S. Aparna, secretary, Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, Government of India, Joel Reifman, US consul general, Hyderabad,and Geoff Martha, Medtronic chairman and CEO joined the event virtually.
"Innovation is one of the cornerstones for Medtronic. Over the years, Medtronic has expanded its footprint, while significantly contributing to the healthcare ecosystem. Given the market size and availability of a high-class talent pool, India is transforming into a global R&D hub," said Martha.
"With MEIC we aim to tap the talent to continue to innovate for India and beyond. This partnership with the Government of Telangana for the expansion of MEIC will help us serve our mission - to alleviate pain, restore health and extend life for patients around the world."
K.T. Rama Rao noted that Medtronic joined the marquee list of companies that have made Hyderabad their second largest home out of their headquarters. The list includes Amazon, Google, Facebook, Microsoft, Apple, Uber, Salesforce and Novartis.
He said the Medtronic facility will give a boost to Telangana's med tech plans and cement Hyderabad's position med devices hub of India
The minister claimed that Hyderabad's position as the life sciences capital of the country and world is getting strengthened with each passing day. While Hyderabad and Telangana's contribution in vaccines and pharmaceuticals is unmatched, the city is also emerging as the medical devices capital of India.
KTR, as the minister is popularly known, pointed out that in 2017 Telangana commissioned the country's largest med devices park which today has more than 40 companies setting up their units at Sultanpur near Hyderabad.
He believes that innovation and R&D will hold the key in accelerating growth of the sector. He called for adopting India for world approach considering the small size of the local market.
He said Hyderabad emerging as hotspot of med tech innovation is benefiting from progressive government policies, abundant talent pool and extraordinary infrastructure.
"It is a matter of pride that in the life sciences sector alone Hyderabad is serving more than 1,000 global innovators," he said.
The minister said that Medtronic's footprint in Hyderabad serves as a testimony to the city's growing R&D prowess. He hoped that the company will also consider Telangana for establishing a large manufacturing base in future.
"We are on the path to realize dream and vision of growing life sciences industry to over $100 billion by 2030. We believe that the med devices sector will play an important role in this," he said.
KTR urged the Centre to consider providing incentives and continued support to companies that will engage in development of medical devices.