August 10, 2022

Putting Tech in MedTech – R&D is the Backbone of Innovation in Healthcare – Times of India

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The MedTech ecosystem is undergoing a transformation and rapid advances in technology are creating new opportunities for advancement in the healthcare industry. Meaningful innovation can come in many forms like a new feature to make a product more useful or a unique way to apply an evolving technology to a real-world problem. In such a scenario, investment in research and development (R&D) is not only the prudent choice but a necessary one.
Today, R&D is focused on transformational innovation – an innovation that creates and delivers customer value through novel products, solutions, and business models that address unmet market needs. Given the market size and availability of a high-class talent pool, India is fast transforming into a global R&D hub.
Medtronic recently inaugurated its newly expanded, 150,000 sq. ft., state-of-the-art R&D center, called Medtronic Engineering and Innovation Center (MEIC) in Hyderabad. With the requisite focus on ‘Make in India’ and ‘Skill India’, Medtronic intends to align its innovation backed approach with ‘Design in India’ fuelling MEIC’s efforts to become “The destination R&D center in India for Medical Device Software and integral partner for Engineering Solutions.”
R&D Significance
The healthcare ecosystem is undergoing a metamorphosis, owing to rising healthcare costs, increasing pace of technological change and a clear focus on digitization. Today, R&D is about identifying future needs, working on an idea that can be converted into a breakthrough technology to augment changing healthcare requirements.
Globally, Medtronic spends over $2.3 billion on R&D, and is expanding to areas like digital and other aspects of software in order to go where the industry is heading. Therefore, the R&D strategy must focus on addressing universal healthcare needs, improving clinical outcomes, expanding global access to care. Locally, MEIC conducts advanced engineering R&D and product development work for the global business – operating units in the areas of design, analysis, hardware, software development and testing, design quality, customer quality while developing capabilities for future product development needs.
India: A Destination Hub for R&D
Given the market size and availability of STEM professionals, India is transforming into a global R&D hub. Talented Indian scientists and engineers have contributed significantly to global innovation. Moreover, India is fast growing to be a global leader in the software development and services.
There are many factors that drive R&D investment decisions and ten years ago, Medtronic recognised and capitalized on Indian talent, when MEIC was established in Hyderabad in June 2011. Today, the current team of 500+ engineers at MEIC have already been involved in work that has contributed to more than 150 patents and 400 intellectual property disclosures. Medical technology has primarily focused on engineering skills like electrical/ electronics engineering, mechanical engineering, biomedical engineering and computer science . Robotics will play a very critical role, whether it is in spine surgery or general surgery and the team at MEIC is working on robotic programmes in software. Other areas of focus are Data Science and Cybersecurity in which it is developing competencies.
With a vision to “Accelerate R&D Globalization and Innovation to Create Unsurpassed Value for Medtronic,” the endeavour is to enhance Medtronic Mission – Alleviate Pain, Restore Health & Extend Life.
Consequently, R&D in MedTech offers Engineers a chance to work in one of the most exciting aspects of healthcare, with a chance to save lives with their innovations. As a global leader in medical technology, Medtronic aspires to drive progress in innovation and devise powerful solutions with proven clinical and economic value as the basis of its offerings and value proposition. For Medtronic, customers and patients remain at the center of their relentless pursuit to transform healthcare.
Disclaimer: Content Produced by India Medtronic Pvt Ltd.
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