Covidien, a US-based manufacturer of medical devices and pharmaceuticals, has set up its first research and development centre in the country.
“The Indian healthcare devices market is part of our focus on emerging markets. The Hyderabad centre will enable us to improve product time to market and create valued-innovation,” Mr Robert Frechette, Vice-President (Engineering Services), told newspersons after the inauguration of the centre here on Thursday.
The value of the Indian medical devices market is estimated at $4 billion, and is clocking a growth rate of 15 per cent annually , he added.
Apart from designing products to suit local market needs, the R&D unit would utilise India's huge talent pool to provide a range of engineering services for the company's medical products business.
The company plans to hire over 350 professionals for the centre over the next two years. Some 30 people are already working at the 40,000-square-foot facility.
Mr Arjun Sarker, Managing Director — Indian sub-continent, Covidien, said the business focus in India would be on surgical solutions and medical devices, though the company is strong in the pharmaceuticals business too.