MEDTRONIC INVESTS RS 3,000 CRORE TO EXPAND R&D CENTER IN HYDERABAD

square feet within the next 6-8 months at the same location Divya Prakash Joshi, Vice President and Site Leader of MEIC, emphasized that there are no constraints on space as they expand.

Joshi further explained that the investment would be directed towards talent acquisition, capital equipment, infrastructure, and various tools necessary for the center's operations. He highlighted that MEIC is actively engaged in cutting-edge technologies and has made significant contributions to the field with over 200 global patents and approximately 500 intellectual property disclosures Medtronic, with a revenue of $31.7 billion in 2022, allocates around 8.7% of its revenue to R&D activities. The company views India as a promising market for healthcare innovation and considers it a global hub for technological advancements

Medtronic, a leading US-based medical technology company, has announced a significant investment of Rs 3,000 crore to expand its Medtronic Engineering & Innovation Center (MEIC) in Hyderabad

The MEIC is Medtronic's largest research and development (R&D) center outside of the United States, and this investment is part of the company's global R&D-led innovation and growth strategy.

This new investment builds upon the initial investment of $160 million that Medtronic announced in 2020 The MEIC, which currently employs over 800 people, primarily engineers, is expected to grow its workforce to over 1,500 employees within the next five years with the latest investment The center aims to tap into India's vast pool of diverse and skilled talent in various areas, including engineering, mobile apps, software development, cloud computing, data engineering, embedded software, product security, and cyber-product security. The expansion of MEIC will focus on advancing key healthcare technology areas such as robotics, imaging and navigation, surgical technologies, and implantable technologies. Situated in Hyderabad's tech hub Nanakramguda, the Medtronic Engineering & Innovation Center currently occupies 150,000 square feet and plans to expand to 250,000

Mike Marinaro, Executive Vice President and President of Surgical at Medtronic, expressed his confidence in India's potential as both a technology innovation hub and a growing market for healthcare advancements Medtronic's continued investment in the expansion of MEIC highlights its commitment to leveraging India's talent and capabilities to drive innovation in the healthcare industry. This significant investment by Medtronic not only strengthens its presence in India but also reinforces Hyderabad's position as a thriving hub for cutting-edge medical technology research and development. It will create more employment opportunities for skilled professionals, foster collaboration between local and international talent, and contribute to advancements in healthcare technologies that improve patient outcomes worldwide