Leading healthcare products maker Covidien plc. has announced the inauguration of its latest Research and Development facility called the China Technology Center (“CTC”) in Shanghai, China. The center aims to collaborate with local medical practitioners to develop innovative medical devices to cater to the Chinese as well as other emerging economies.
Covidien has successfully completed the project following its earlier announcement in September 2011 to start operations in the CTC by mid-2012. The setting up of the new R&D center in China is in accordance with the company’s global strategy to expand its foothold in key emerging markets.
With an investment of $45 million over a span of 3 years, the 100,000-square-feet facility will house the company’s two emerging market R&D organizations, “Tailored Products” and “Breakthrough Platforms.” Tailored Products will identify and develop products customized for China and other emerging markets, while Breakthrough Platforms will create new medical device technologies for Asian markets.
Covidien previously inaugurated the CIEC, Covidien India Engineering Center in Hyderabad, India as reported on the India Expert.