Medtronic opens doors on innovation center in Singapore

September 5, 2013 by Ingrid Mezo

Medtronic announces the opening of a new Center of Excellence in Singapore, where the medical device giant already has a regional headquarters and local manufacturing and sales.


Medtech titan Medtronic (NYSE:MDT) opened the doors on a new Center of Excellence in Singapore, where new business models will be designed, tested and scaled for Asian markets.

Based in Medtronic's existing Singapore facility, the new center will also develop commercial models that may eventually extend to various markets around the globe after passing muster in a single country.

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"Emerging markets in Asia provide tremendous growth opportunities for companies, but also present new challenges," Singapore Economic Development Board biomedical sciences director Kevin Lai said in prepared remarks on behalf of the company. "This Global Center of Excellence for Business Model Innovation will enable Medtronic to address market-specific needs and barriers more effectively through Singapore."

Medical device companies' interest in doing business in Singapore has been on the rise, particularly after the country recently eased regulatory requirements. Medtronic has several other facilities in Singapore, including its Asia Pacific headquarters, and local manufacturing and sales operations, the Minneapolis-based firm said.