â€śChina is a key market in our global strategy, and this investment is a reflection of our strategic initiatives,â€ť added Almeida.
Over a three-year period, Covidien invested $45 million in the technology center, which will eventually employ more than 300 people.
The facility spans more than 100,000 square feet, includes 17 laboratories as well as state-of-the-art surgical and simulation suites that â€śenable health care professionals to be actively involved in the medical device design and development process,â€ť according to a release.
Covidienâ€™s R&D facility has two core focus areas, the design of tailored products and the discovery of breakthrough platforms in medical technology.
According to Covidien, the Shanghai facility will provide a focal point for developing Chinese talent and â€śgrooming the next generation of medical innovators.â€ť
â€śBy collaborating closely with local medical experts who use our products, we can tailor devices to meet the demands of China and other emerging markets,â€ť Dong Wu, vice president of Covidienâ€™s China R&D facility, said in a statement. â€śWe are dedicated to improving patient outcomes, and we recognize the immense potential of basing an R&D facility in Shanghai.â€ť
â€śThis location will help us tap into internationally renowned experts based here in China, including world-class engineering talent,â€ť added Wu. â€śWe believe this collaboration will drive innovation in China and across the emerging markets health care landscape.â€ť
Prior to the technology center, Covidien had a Chinese presence, including 10 commercial offices, a manufacturing center and training facilities for health care professionals. The Covidien Clinical Institute offers training on the latest medical devices and procedures to local health care professionals.
â€śThis fusion of expertise among health care professionals, students, scientists and engineers will be further reinforced by the cutting-edge capabilities of our new R&D facility, bridging clinical knowledge, market understanding and technical innovation,â€ť said Wu.
Estate and Corporate Income Taxes are changing next year, and business owners and executives should know the details. The PBN Summit on November 6th will provide those details and more - including how much Obamacare's Employer Mandate could cost.
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.