Pure-play medical device maker Medtronic (NYSE:MDT) invested further into its emerging market strategy, promising an additional $6 million for cardiovascular disease and diabetes research in India.
To be spread over 5 years, the funding will support treatment access and progress for 2 of the India’s biggest health concerns. Cardiovascular disease is currently the No. 1 killer in India’s urban and rural areas, and the country is home to more diabetics than any other country, according to a press release.
"Chronic diseases have reached epidemic proportions in India," Public Health Foundation of India’s Professor K. Srinath Reddy told reporters during a press conference. "Less than half of the people living with these diseases are diagnosed and receiving treatment."
This week the Medtronic Foundation convened a meeting in New Delhi, gathering members from community health experts, non-profit groups, academics and private-sector stakeholders to discuss barriers and gaps in India’s health system.
"It’s been our pledge to help drive action at the country level, and then share those results globally," Medtronic Foundation executive director Dr. Jacob Gayle said in prepared remarks. "By focusing on diabetes and cardiovascular disease, we hope to strengthen overall health systems in order to expand access in underserved communities. Given both the need and opportunity in India, it was clear that we needed to ramp up our support to help those already working to improve care."
Medtronic has been ramping up its foothold in emerging markets since new president & Omar Ishrak took the corner office last year.
Ishrak made emphasized a push for emerging markets early on, including big moves in India, which he called the "biggest hole" in the company’s global reach. He’s also targeting China and other emerging markets, which he has said may be "potentially less risky than creating new products for the flat U.S market."
Earlier this week the medical device titan announced a global pacemaker study, analyzing standards of care and establishing guidelines at centers in India, Bangladesh, Mexico, Peru, Argentina, Uruguay, Russia, Hungary and China.
