With investment worth USD 161 million (in current USD) from Medtronic Plc, Hyderabad will be hosting the largest global research and development centre of Medtronic outside the USA. The investment is planned over a span of five years for making Hyderabad the hub of medical devices in India.
Medtronic currently has research and development centre in the city which will now be transformed into a state-of-the-art -The Medtronic Engineering and Innovation Centre (MEIC). With this huge investment, the state of Telangana’s prospects to emerge as a global medical devices hub is anticipated to grow significantly. The Irish medtech giant Medtronic Plc at its Hyderabad MEIC will have over 1000 engineers in the next few years. According to the government of Telangana, discussions with Medtronic have been undergoing since 2016 when the Industries & IT minister from Telangana, Mr KT Rama Rao met the executive chairman and Chairman of the Board of Medtronic, Omar Ishrak during his visit to the US.
This announcement was made via a virtual meeting. This investment will be dedicated to build new capabilities in the region and to set up ultra-modern labs which will include high-end equipment for robotic surgery. During the virtual meeting, Omar Ishrak said that with this expansion of MEIC, it’ll help serve the company’s mission to use medical technology to restore health, alleviate pain along with extending the life of patients all around. This investment will further help in assisting the Telangana government’s vision which is to improve access to healthcare for patients in India.
This investment is a part of Medtronic’s mission to contribute to human welfare by the application of medical engineering in fields of design, research, manufacture and sale of appliances or instruments. Medtronic Plc has been making investments in the field of medical technology and recently it agreed on acquiring insulin pen manufacturer, Companion Medical. Also, it announced its plans that it’ll be acquiring Medicrea. Medicrea is a French implant tech company that focuses on transforming spinal surgeries through AI, patient-specific implants predictive modelling. Also, in June 2020, it received a USD 337 million investment from Blackstone Life Sciences for expanding and increasing its R&D of Future Diabetes Technologies.
Spread across 150+ countries, Medtronic’s total revenue for the fiscal year 2020 was USD 28.913 billion with a drop of 5.4% as compared to the previous fiscal year. Quarter 4 of FY 2020 which ended on 24, April 2020 recorded a revenue of USD 5.998 billion. The company employs over 90,000 employees at its 76 manufacturing site.
