Medtronic Launches Medical Innovation Accelerator in Minhang, Shanghai

2019March 25, [Year] — ShanghaiMedtronic, a global provider of medical technology, services, and solutions, has announced the official launch of the Medtronic Healthcare Innovation Accelerator, which supports global healthcare technology startups. Located within the Lingang Pujiang International Science and Technology City in Minhang District, the accelerator has welcomed its first cohort of healthcare technology innovation partners. The Medtronic Healthcare Innovation Accelerator is dedicated to empowering early-stage medical technology startups with the potential to improve patient outcomes, facilitating the rapid translation of their technological achievements into valuable medical products and services, and helping to address unmet clinical needs among patients in China.

As an important practice in Shanghai’s efforts to build a globally influential center for scientific and technological innovation, the Medtronic Medical Innovation Accelerator has receivedMunicipal and district governments, and Lingang GroupWith strong support, it will be developed into an innovative incubation and acceleration platform that integrates world-class R&D and commercialization resources, local service capabilities, and favorable policy incentives.

Omar Ishrak, Global Chairman and CEO of Medtronic, stated, “For nearly 70 years, Medtronic has remained dedicated to developing and translating medical technologies that improve lives, driving meaningful innovation through sustained investment in internal R&D and the expansion of external collaborations. China boasts a substantial healthcare market, numerous unmet medical needs, and a vibrant entrepreneurial ecosystem, all of which present significant market opportunities. The establishment of the Medtronic Healthcare Innovation Accelerator marks another bold endeavor by Medtronic to advance innovation through collaboration.”

Medtronic’s Medical Innovation Accelerator has reached cooperation intentions with numerous startups both domestically and internationally. The platform will broadly focus on and support cutting-edge research in the medical technology sector, such as early-stage clinical innovations in artificial intelligence, surgical robotics, and neuromodulation.

Wu Bin, Deputy District Mayor of Minhang District, stated, “In recent years, Lingang Pujiang International Science and Technology City has actively participated in the construction of the core area of the southern Minhang Science and Technology Innovation Center, making frequent strides and achieving notable successes in cultivating innovation resources and promoting emerging industries. Today, we witness the launch of the Medtronic Medical Innovation Accelerator. By pooling resources from various stakeholders, including foreign-funded R&D centers, industrial parks, and the government, this accelerator is poised to make a significant contribution to the scientific and technological innovation blueprint of Lingang Pujiang International Science and Technology City, advancing its vision of becoming a hub for technology and health. It will also play a positive role in helping Minhang District aggregate innovation resources and develop emerging industries.”

Startups joining the Medtronic Medical Innovation Accelerator will have the opportunity to lease and use advanced laboratory equipment at the Medtronic China R&D Center, gainingMedtronic China R&D Personnel Provide Professional Consulting Services on Prototyping, Testing, and Quality Control in the Product Development Process, some projects may also secure equity venture capital investment from the Medtronic China Fund. In addition to supporting early-stage product R&D, Medtronic will, in the long term, select high-quality projects and provide guidance on clinical trials and market registration; leverage its manufacturing bases in China to offer production and manufacturing solutions for innovative products; and open its proprietary clinical training centers to support partner companies in conducting relevant clinical skills training. These initiatives are expected to significantly accelerate the transition of high-quality innovative medical technology products from the laboratory to the market, helping to address the pain points encountered by emerging forces in the industry during their development.

Xu Bin, Vice President of Shanghai Lingang Economic Development (Group) Co., Ltd., expressed his anticipation for the introduction of multi-field medical technology innovations by the Medtronic Medical Innovation Accelerator into the Lingang Pujiang International Science and Technology City. He stated, “As the primary host area for Shanghai’s construction of a science and technology innovation center with global influence, Lingang Group has always been committed to becoming a driver of industrial development and a builder of urban renewal. The establishment and operation of the Medtronic Medical Innovation Accelerator will help Lingang Group promote the transformation of scientific and technological achievements and drive industrialThe goal of building cluster platforms is to promote the development of an ecosystem more conducive to innovation and entrepreneurship in the medical technology sector.

After 30 years of deep cultivation in China, Medtronic has established a comprehensive presence in the Chinese market, covering sales, marketing, clinical training, research and development, and manufacturing. The Medtronic Healthcare Innovation Accelerator is another early-stage medical technology innovation collaboration platform launched by the company, following the establishment of the Medtronic China Venture Capital Fund in 2016. Leveraging the investment, incubation, and acceleration capabilities of this platform, Medtronic has further expanded its footprint into the realm of early-stage medical technology innovation, truly penetrating every link of the healthcare technology innovation value chain. Gu Yushao, Senior Vice President of Medtronic globally and President of Greater China, stated, “Medtronic firmly believes that breakthroughs in healthcare technology innovation can create new opportunities to improve patient health. Through the Medtronic Healthcare Innovation Accelerator, we will forge closer partnerships with external healthcare technology innovators who share our mission to ‘alleviate pain, restore health, and extend life.’ By enhancing the conversion of technological achievements and fostering the growth of innovative industries, we will work together to accelerate the realization of the ‘Healthy China’ goal.”