Medtronic to Invest INR 3,000 Cr in Hyderabad for R&D Expansion
Medtronic, a healthcare technology company, to invest INR 3,000 crore (roughly US$350 million) to expand its R&D operations in Hyderabad. Medtronic's largest R&D unit outside the US is in Hyderabad; thus, the investment will boost the company's presence there.
Its global R&D and growth strategy includes this expansion, and in 2020, Medtronic invested US$160 million in the Medtronic Engineering & Innovation Center (MEIC). MEIC plans to hire 1,500 engineers in five years with the new funding.
Mike Marinaro, Executive Vice President and President-Surgical Operating Unit, Medtronic, and other executives met KT Rama Rao, Minister for IT, Industries, Municipal Administration and Urban Development, Govt of Telangana, in New York before the announcement. Minister Rao emphasized Telangana’s rich ecosystem and growing significance in the global med-tech sector, recognizing medical devices as a high-potential, high-growth industry.
India’s engineering, mobile app, software, and data engineering talent will be used at the new MEIC plant. Robotics, imaging, navigation, surgical, and implantable technologies will benefit from the funding. Marinaro called Hyderabad a crucial site and sees India as a technological center with huge healthcare innovation potential.
This investment boosts innovation, Medtronic’s technological pipeline, and employment. Hyderabad's development as an innovation hub and healthcare ecosystem enabled by the Telangana government has attracted such investments.