A 1.5 lakh sq ft research and development centre established by global leader in medical technology Medtronic as part of a ₹1,200-crore investment commitment it made last year to scale up operations in Hyderabad was opened on Wednesday.
Called the Medtronic Engineering and Innovation Center (MEIC), it is the largest such for the firm outside of the US. A global hub for development, testing and qualification for some of the most advanced and innovative technologies, it employs engineers currently in the areas of software development and testing, test automation, mechanical design, analysis and hardware.
While unveiling plans to invest ₹1,200 crore over the next five years in August, the company had said the headcount of the centre will go up to 1,000 over the same period. Vice-president Indian Subcontinent and Minimally Invasive Therapies Group APAC Madan Krishnan said Medtronic has been in Hyderabad for about a decade. Its headcount stood at 400, with 150 professionals recruited in less than a year. The investment, he added, is likely to be made ahead of the timel-ine.
Industries and IT Minister K.T.Rama Rao, who inaugurated MEIC, commended the company leadership for keeping their commitment with Telangana and India.
The development “is surely going to energise the ecosystem for Medtech research in India,” he said, adding Medtronic joins a marquee list of companies, including Amazon, Google, Apple, Salesforce and Novartis, that have made Hyderabad their second largest home outside of the U.S.
Noting that medical devices sector has been identified as one key focus sectors by the State government, Mr.Rao said Hyderabad’s position as the Life Sciences capital of the country is only getting strengthened by the day. The State government’s progressive policies and a stress on innovate, scale up and manufacture were contributing to the growth. The Minister appealed to the Centre to consider incentives and continued support to the companies which will engage in development of medical devices.
Union Pharmaceuticals Secretary S.Aparna, who addressed the event virtually, sought to highlight the growth prospects that exist for med devices sector in the country in the backdrop of the potential in terms of manpower, technology and institutions. The Centre had been supporting the sector in a “big way and last year had also introduced support in the form of financial assistance for individual firms as well as infrastructure”.
The country is also moving into a regulatory framework for the medical devices sector. “In the next few months, will see a transition to a stronger and robust regulatory framework,” something that the sector had also been pursuing and presents opportunity to create a strong network of certification, validation and testing facilities, she said.
Medtronic chairman-CEO Geoff Martha and U.S. Consul General in Hyderabad Joel Reifman also addressed the event virtually. Mr.Martha sad the MIEC project team did not slow down despite the challenges and the impact of the pandemic.