Medtronic invests ₹3,000 crore to expand healthcare technology centre in Hyderabad

The expansion is aimed at leveraging the pool of diverse and skilled talent in India, involving engineering, mobile apps, applications and desktop software, cloud/web apps, data engineering, embedded software, product security, and cyber-product security, the statement added.

There is no better testament to the pro-business policies of Telangana Government than repeat investments

With this fresh investment of more than USD 350 Mn, Medtronic's cumulative investment in Hyderabad becomes about Half Billion USD

— KTR (@KTRBRS) May 18, 2023

Also read: Foxconn to invest $500m in Telangana plant, create 25k jobs

Investment to support key healthcare technology

This investment adds up to the initial investment of $160 million in MEIC that was announced back in 2020 to expand the company’s footprint in India.

MEIC currently employs over 800 people, primarily engineers, and is expected to grow to over 1500 over the next 5-year period following this investment announcement.

Medtronic plc, headquartered in Dublin, Ireland, is a global healthcare technology company.

Their diverse technologies and therapies address around 70 health conditions with technologies including cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more.

According to the company, the investment would support key healthcare technology areas like robotics, imaging and navigation, surgical technologies, and implantable technologies.

Medtronic Executive Vice President & President, Surgical Mike Marinaro, Vice President, Enterprise R&D Mani Prakash, and Vice President & MEIC Site Leader Divya Prakash Joshi met the Telangana Minister for IT, Industries, Municipal Administration and Urban Development KT Rama Rao in New York in the US to announce the investment.

Telangana Industries and Commerce Department Principal Secretary Jayesh Ranjan, and Telangana Lifesciences CEO Shakthi M Nagappan were also present.

Also read: LSE Group to set up tech centre for excellence in Telangana

‘Testament to Hyderabad’s robust ecosystem’ 

“The expansion of MEIC in Hyderabad is a testament to the city’s robust ecosystem and Hyderabad’s growing prominence in the global med-tech sector. We are thrilled to continue our support for Medtronic’s growth and look forward to their continued contributions to healthcare innovation in the state and country,” said KT Rama Rao in a statement.

“India is known as a global hub for technology innovation, and we believe in India’s potential as a growing market for healthcare innovation. Hyderabad has proven to be a strategic location for Medtronic, and we are proud to be collaborating with the Government of Telangana on this major investment in the country. We are committed to investing in India’s healthcare ecosystem and delivering innovative solutions that improve patient outcomes,” said Mike Marinaro.

“Investment in R&D is the foundation for innovation and progress in the healthcare technology sector. It enables us to improve patient outcomes, enhance healthcare quality, and drive economic growth. That is why we are excited for the future as the investment will unlock greater potential for the centre by fuelling innovation with activities contributing to the technology pipeline and creating more job opportunities,” said Divya Prakash Joshi.

During the meeting, KT Rama Rao provided the Medtronic leadership team with an overview of various new developments and initiatives taken by the Telangana Government to promote the healthcare technology sector.

The minister reiterated the Telangana Government’s commitment to supporting the growth of the healthcare technology sector in the state and facilitating such expansion projects, which in turn would help save many lives in India.