US medical device giant Medtronic plc (NYSE: MDT) is set to open two new R&D centers in Israel in Jerusalem and Yokneam, which will employ 80 people.
"Yediot Ahronot" reports that Medtronic CEO Omar Ishrak met in Jerusalem earlier this week with Israel's Minister of Economy and Industry Eli Cohen and Israel Innovation Authority director Aharon Aharon to discuss the matter. Aharon told "Yediot Ahronot," "We see life sciences and medical equipment as a sector with large potential that it is important for us to promote. We hope that Medtronic will be a key player in this developing field. Our strategy is to promote an innovative development environment that does not yet exist in Israel or in which we are interest in developing."
Medtronic will reportedly invest $56 million in the two R&D centers and has asked for a government grant of $15 million, although no agreement on this matter has yet been reached. Usually the Israel Innovation Authority pays 30% of salaries over the first three years for employees of such new R&D centers.
Eli Cohen told "Yediot Ahronot" that he expects Medtronic's request for a grant to be approved within 90 days.
Medtronic already has a major presence in Israel with 750 employees following its acquisitions of capsule endoscopy (a camera in a pill) developer Given Imaging, pulmonary endoscope developer superDimension for, capnography respiratory monitors and modules manufacturer Oridion Systems and hernia mesh placement developers PolyTouch. It is also a partner in the MindUp digital health technology incubator in Haifa.
Published by Globes [online], Israel business news - www.globes-online.com - on May 10, 2017
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