Medtronic to invest US$50 million in Open Innovation Platform for healthcare in APAC

INDIA – Medtronic plc, a global leader in healthcare technology, has announced the launch of the Medtronic Open Innovation Platform (OIP) for the Asia Pacific to advance the future of healthcare technologies.

The OIP will bring strategic collaboration in healthcare technologies among various stakeholders across the healthcare ecosystem through capability development, partnerships, and business organizations networking in medical technology and digital health in APAC, with Singapore as the epicenter.

This first-of-its-kind platform will enable Medtronic to explore and advance partnership opportunities that can help it leverage artificial intelligence (AI) and automation to address patient needs, with a focus on the unique healthcare needs of APAC.

Medtronic intends to invest up to US$50 million over five years beginning in fiscal year 2022 to support talent and technology capability development.

Medtronic also launched the Medtronic APAC Innovation Challenge (MAIC) as part of the OIP, in which business organizations in APAC will have the opportunity to showcase innovative medical technology solutions in one of four domains – namely, ‘Life Transforming Technologies,’ ‘Better Outcomes for All,’ ‘Experiences that Put People First,’ and ‘Insight Driven Care.’

MAIC will offer selected participants the opportunity to work with Medtronic to further develop and innovate in the medical technology sector.

The final round of the MAIC is set to take place in the first quarter of 2022, alongside the Medtronic Asia Innovation Conference.

The top five MAIC winners may have the opportunity to collaborate with Medtronic to explore joint product commercialization and/or run commercial pilots for their proposed MedTech or digital health product solutions, with a prize pool of up to US$200,000 for each of the five winners.

In addition to MAIC, Medtronic will open its first-ever Digital Medtronic Innovation Centre (dMIC) in Singapore as part of the OIP. When finished, the facility will provide a collaborative space for an immersive experience of product and therapy innovation.

Chris Lee, Medtronic’s president for Asia Pacific, spoke about the company’s intention to obtain the best technology to address patient needs.

Building on the entrepreneurial spirit that we share with other companies including our Medtronic OIP start-ups serves as a launchpad for us to grow new ideas, empower an innovative ecosystem and translate this collaboration into actionable outcomes,” he said.

Medtronic is one of the best destinations for innovation and innovators due to its large and diverse portfolio across 70 disease states. This is indeed aligned to our new brand and bold ambition to become the global healthcare technology leader, with a focus on AI, robotics, automation, IoT and digital health.”

Medtronic has been at the forefront of promoting talent and innovation in India through various programs, such as the recent collaboration with Stasis Health Private Limited to scale up and expand access for their cutting-edge Stasis Monitor, a connected care bedside multi-parameter monitoring system.

Medtronic also works with STEM graduates and the best engineering talent through its two R&D centers in Hyderabad and Bengaluru to foster healthcare innovation.

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