Medtronic, a global medical technology company based in Minneapolis, Minn., has officially opened its Innovation Center in Shanghai, China.
The new facility, located in the company's China headquarters and the first outside the U.S. and Europe, represents the company's initial step in creating local product research and development in China.
"Globalization is a key strategy and driver of growth for Medtronic. We have already accelerated our efforts to expand in emerging markets, including China, through additional investments in people and infrastructure, and the Shanghai Innovation Center is an example of our work to transform ourselves into a truly global organization," said Omar Ishrak, chairman and CEO of Medtronic.
Medtronic has incorporated state-of-the-art research and development labs into its Shanghai Innovation Center. The center will work closely with the company's global research and development teams, local universities and research institutes, as well as partner with Chinese physicians to create innovative solutions for patients.
"It allows us a unique opportunity to leverage local talent and expertise to increase our growth in China and link it to our larger global capabilities," said Ishrak.
China has become one of the fastest growing regions among emerging economies. To serve the growing Chinese healthcare sector, Medtronic will hire and train an additional 1,000 skilled staff over the next five years, hundreds of which will work toward the development of new medical technologies within the Innovation Center.