Medtronic unveils local medical innovation center
US medical device maker Medtronic has unveiled its Medtronic MedTech Innovation Accelerator in Pujiang International Science and Technology City, Minhang District.
It is the first of its kind set up and managed by Medtronic in China, and only became possible as local technology capability picked up in recent years.
Medtronic will give technology startups access to its lab at the Medtronic Technology Center and its research and development staff will provide advice throughout product development.
"We've seen technology infrastructure and interest in medical technology and engineering growing rapidly in the local market, and sooner or later, there will be plenty of technologies and ideas coming out of China," said Omar Ishrak, Medtronic chairman and chief executive officer.
"It's only a matter of time until China becomes the world's biggest health care market," Ishrak said.
The company will focus on technology that it is developing in China and work to launch local products on the global market, keeping up with the city's aim to become a science and technology innovation hub with global influence.
Lingang Economic Development (Group) Co, the developer of Pujiang International Science and Technology City, will provide subsidies and other incentives for innovation accelerator portfolio companies.
Zhu Qigao, deputy director of Shanghai Science Commission, said that the city will continue to encourage the development of life science and bio pharmaceuticals, providing better business services for multinational firms.
Lan Ning, executive associate director at Shanghai Jiaotong University institute of rehabilitation engineering, plans to join the innovation accelerator to develop his latest research in neural rehabilitation for stroke patients.
"Medtronic's resources will help prototype production and marketing to keep new products close to clinical demand," he noted.
Medtronic has had a track record of investing in companies outside of its own technology development area in the US, Europe, Israel and many other countries.
Medtronic's Ishrak added that the company cares more about the quality of technology and ideas behind it and will invest in projects to determine whether they are viable.