Medtronic opens new innovation center in Singapore

Medtronic has opened a new global centre of excellence for business model innovation, based at its existing facility in Singapore.

It will be responsible for designing, testing and scaling new business models for developing markets across Asia, as well as creating commercial models to systematically address market growth barriers in countries across the world.

Medtronic already operates a number of other facilities in Singapore, including its Asia-Pacific headquarters and local manufacturing and sales operations, and has partnered with the nation's Economic Development Board to establish the new centre.

Sundeep Lal, Medtronic's international vice-president of strategy, business development and business model innovation, said: "The centre is well-positioned to leverage Singapore's ecosystem and geographic proximity to developing Asia to address healthcare delivery challenges for this region and beyond."

Last month, the company announced its financial results for the first quarter of its 2014 business year, during which it experienced three percent year-on-year growth on a constant currency basis, thanks in large part to its success in international and emerging markets.