Medtronic expands R&D facility in India with fresh investment of Rs 3000 crore

The next leg of growth for Medtronic, according to Martha, is robotics as it currently focuses on significant advancements in surgical robotics.

While R&D remains a cornerstone of Medtronic's operations in India, the company does not rule out eventual manufacturing and product localisation to cater specifically to the Indian market. The aim of localised products and indigenous manufacturing is to address accessibility challenges and eventually help reduce India’s import dependence on high-end medical devices, Martha said.

While the financial year (FY) 2023 was marked with supply chain challenges, Medtronic reported its 5th consecutive quarter of single-digit growth in the third quarter of FY24.

Martha sees innovation as the key tool to sustainable growth. The company’s R&D pipeline, which has included launches of products in the areas of  hypertension and diabetes comprise encompassing technologies such as cloud computing, artificial intelligence, and data analytics.

Additionally, there is a growing focus on AI and robotics. The applications, according to Martha, for AI and robotics will range from diagnostics to personalised therapies. For example, the company is focusing on AI-powered colonoscopies, which according to Martha has provided 100% accuracy in picking up cancerous polyps versus doctors miss it up to 50% of them normally. AI is also being used in areas such as back surgery, and Martha points out that while robotics is unlikely to replace doctors, doctors using AI and robotics will be replacing doctors that don’t.