Medtronic proposes to invest up to US$50m for the first-of-its-kind regional Open Innovation Platform to advance the future of healthcare technologies in APAC

DUBLIN and SINGAPORE – Media OutReach – 14 October 2021 – Medtronic
plc (NYSE: MDT), a global leader in healthcare technology, today announced
the launch of the Medtronic Open Innovation Platform (OIP) in Singapore. The
OIP will bring strategic collaboration in healthcare technologies among various
stakeholders across the healthcare ecosystem through capability development,
partnerships and business organizations networking in the areas of medical
technology and digital health in APAC, with Singapore as the epicenter.

Medtronic Open Innovation Platform (OIP) supported by the Economic Development Board of Singapore was launched today. Wan Yee Goh, senior vice president and head, Healthcare, EDB (left) and Chris Lee, president for Asia Pacific, Medtronic (right) signed the MOU at the launch ceremony which will focus on development of talent and technology under this platform.

Focusing on the unique healthcare needs of the APAC, this
first-of-its-kind platform will be supported by the Singapore Economic
Development Board (EDB). This
will enable Medtronic and the EDB to support talent and technology development
which can help Medtronic leverage data, AI, and automation to address patient
needs.

“Singapore has been a strategic hub for
Medtronic with a manufacturing facility, its APAC regional headquarters, and
now an epicenter for the Open Innovation Platform. We are excited to work with
EDB’s support on this program, aligned with our vision to lead the way for
healthcare technology and address the complex challenges of the sector,” said
Chris Lee, president for Asia Pacific, Medtronic, at the signing ceremony of
the memorandum of understanding (MOU) between Medtronic and EDB.

“Medtronic’s
decision to establish its first ever Open Innovation Platform for Asia Pacific
in Singapore is a testament to our leading role as a vibrant innovation and
business hub. Over the past few years, we’ve seen a growing pool of MedTech and
Digital Health start-ups in Asia Pacific and close to 200 local start-ups. The
Medtronic OIP puts us in a strong position to serve the region’s growing
healthcare needs, including those brought about by an aging population, and
create new exciting job opportunities for Singaporeans. Healthcare continues to
be one of the key pillars of the Singapore economy, and we look forward to
working with Medtronic to further strengthen the sector’s innovation
capabilities,” said Wan Yee Goh, senior vice president and head, Healthcare,
EDB.

As part of the
OIP, Medtronic also launched the Medtronic APAC Innovation Challenge (MAIC)
today, where business organizations in APAC will have the opportunity to
showcase innovative medical technology solutions in one of the four domains -
namely, ‘Life Transforming Technologies’, ‘Better Outcomes for All’, ‘Experiences
that Put People First’ and ‘Insight Driven Care’.

MAIC will provide
an opportunity to selected participants to collaborate with Medtronic to
further develop and innovate in the medical technology sector. The final round of
the MAIC is scheduled to take place alongside the Medtronic Asia Innovation
Conference in the first quarter of 2022.

The top five
winners of the MAIC may have the opportunity to partner with Medtronic for a
commercial pilot on their proposed MedTech, digital health or solution, valued up
to US$200,000 for each of the five winners.

In addition to
MAIC, and as part of the OIP, Medtronic will also open its first-ever Digital
Medtronic Innovation Centre (dMIC) in Singapore. When completed, the facility
will offer a collaborative space for an all-round immersive experience of
product and therapy innovation.

“Building on the
entrepreneurial spirit that we share with other companies, including our
Medtronic OIP start-ups serves as a launchpad for us to grow new ideas, empower
an innovative ecosystem and translate collaboration into actionable outcomes.
Medtronic is one of the best destinations for innovation and innovators due to its
large and diverse portfolio across 70 disease states. This is indeed aligned to
our new brand and bold ambition to become the global healthcare technology
leader, with a focus on AI, robotics, automation, IoT and digital health,” Lee
added.

EDB and
Medtronic have a long-standing relationship, one such example being a
leadership development program – TalentX SG+ – operating since 2019. The
program is unique to Singapore, identifying top local talent in the company and
offering them a year-long rotational job posting, giving participants exposure
to different businesses and countries in APAC. With the support of the EDB, Medtronic
has also recently founded the Intelligent Supply Chain Planning Hub, a
predictive and exception-based planning program which aims to develop and
attract the best supply chain talent and capabilities.

Medtronic APAC Innovation Challenge launches on October 14 with
submissions open until November 26. For more information about the MAIC, please
visit http://maic.medtronic.com