Minneapolis headquartered medical technology giant Medtronic plans to invest Rs 1,200 crores to scale its current research and development centre in Hyderabad, Telangana.
Once built, the upgraded Medtronic Engineering and Innovation center (MEIC) will be the company’s largest research centre outside the US, according to a statement. The expansion project is expected to be completed over five years.
“MEIC conducts advanced engineering research and development and product development in the areas of design, analysis, advanced hardware-software development and testing,” Madan Krishnan, vice president, Indian subcontinent and minimally invasive therapies group Asia Pacific, said in a statement.
The company currently also has a research and development centre in Bengaluru as well as offices in Mumbai, Chennai, Cochin, Gurgaon, Delhi, Pune and Hyderabad. Globally, Medtronic operates from over 370 locations in 160 countries.
“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,” Ishrak said.
KT Rama Rao, state minister for industries and information technology, said that the Hyderabad centre would create over 1,000 jobs over the next few years.
The deal was initially discussed in May 2016, when the government of Telangana held a meeting with Omar Ishrak, executive chairman and chairman of the board for Medtronic.
Medtronic began its operations in India in 1979 and currently has over 1100 employees in its Indian payroll.
The company had invested $2.3 billion in research and development activities in 2019 and has over 90,000 employees globally.
By 2020, India is expected to rank amongst the top three healthcare markets in terms of incremental growth while the healthcare IT market is expected to grow 1.5 times from its current worth of $1 billion, according to a study by the India brand equity foundation, which is a trust established by the department of commerce, Ministry of Commerce and Industry.