Innovation Challenge invites best entrepreneurial minds, says Krishnan
Dublin-headquartered Medtronic plc (NYSE:MDT) proposes to invest up to US$50 million over a period of five years from FY22 to support capability development of talent and technology as it announced the Medtronic Open Innovation Platform (OIP) for the Asia Pacific region, including India.
The OIP is to bring strategic collaboration in healthcare technologies from various innovators and several stakeholders across the healthcare ecosystem through partnerships and business organizations networking in the areas of medical technology and digital health.
As part of the OIP, Medtronic also launched the Medtronic APAC Innovation Challenge (MAIC), where business organizations in APAC will have the opportunity to showcase innovative medical technology solutions in one of the four domains – namely, ‘Life Transforming Technologies’, ‘Better Outcomes for All’, ‘Experiences that Put People First’ and ‘Insight Driven Care’.
“Through the Innovation Challenge, we are inviting the best entrepreneurial minds in the country to catapult their vision for India into reality. The program also aligns with Government of India’s vision to promote Make in India,” said Madan Krishnan, vice president and managing director, Medtronic India which has two R&D centers in Hyderabad and Bengaluru.
“Medtronic has always disrupted the market with innovative technologies and solutions. This time with MAIC, we are offering a platform to reach the most disruptive business organisations that can contribute to accelerating the global healthcare goals,” said Krishnan, adding that Medtronic also engages with STEM graduates and the best engineering talent to foster innovation in healthcare.
“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. Medtronic is one of the best destinations for innovation and innovators due to its large and diverse portfolio across 70 disease states,” Chris Lee, president for Asia Pacific, Medtronic, said in a release on 19 Oct 2021.
“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,” said Lee.
Focusing on the unique healthcare needs of the APAC, 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.
Medtronic proposes to invest up to US$50 million, over a period of five years, starting from FY22, to support capability development of talent and technology, said the global leader in healthcare technology from Ireland.
MAIC will provide an opportunity to selected participants to collaborate with Medtronic to further develop and innovate their solutions with the guidance of Medtronic.
MAIC, which is open for submissions now, is scheduled to take place alongside the Medtronic Asia Innovation Conference in the first quarter of 2022 and will be hosted at Medtronic’s regional headquarters in Singapore.
The top five winners of the MAIC may have the opportunity to partner with Medtronic to explore joint commercialisation of products and/or run commercial pilots for their proposed MedTech or digital health product solutions.
In addition to MAIC, and as part of the OIP, Medtronic will also open its first-ever Digital Medtronic Innovation Centre (dMIC) in Singapore. When completed, the facility will offer a collaborative space for an all-round immersive experience of product and therapy innovation.
Medtronic has been at the forefront of promoting talent and innovation within India through a plethora of programs like the recent partnership with Stasis Health Private Limited for scaling up and expanding access for their state-of-the-art Stasis Monitor, a connected care bedside multi parameter monitoring system. Through the two R&D centers in Hyderabad and Bengaluru, Medtronic also engages with STEM graduates and the best engineering talent to foster innovation in healthcare.
Medtronic APAC Innovation Challenge opened on 14 October with submissions open till 26 November 2021.
Medtronic plc is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. #technology #investment #talent #software #health /fiinews.com
