MEIC is Medtronic’s largest research and development (R&D) center outside of the US. The investment is a part of Medtronic’s overall global R&D led innovation and growth strategy.
This investment is over and above the initial investment of $160 million announced by the Minneapolis-based company back in 2020. MEIC currently employs over 800 people, primarily engineers, and is expected to grow over 1,500 employees over the next 5-year period with the investment announced today.
With this expansion, MEIC aims to leverage the sizable pool of diverse and skilled talent in India involving engineering, mobile apps, application and desktop software, cloud, data engineering, embedded software, product security, and cyber-product security.
The investment will support key healthcare technology areas like robotics, imaging and navigation, surgical technologies, and implantable technologies.
The Medtronic Engineering & Innovation Center is located in Hyderabad’s tech hub Nanakramguda where it is occupying 150,000 square feet, and will be expanding to 250,000 square feet in next 6-8 months at the same location.
“There is no constraint for space, as we expand,” said Divya Prakash Joshi, vice president and site leader of MEIC in an interview to ET.
Joshi said the investment will go towards the talent, capital equipment, infrastructure, tools, among others.
Joshi added that MEIC is working on cut-edge technologies, and has contributed to over 200 global patents, and around 500 intellectual property disclosures.
The $31.7 billion company by revenue in 2022, spent about 8.7% of revenue on R&D. The company is betting big on India for technology talent.
“India is known as a global hub for technology innovation, and we believe in India’s potential as a growing market for healthcare innovation,” said Mike Marinaro, executive vice president & president, Surgical, Medtronic.
