2013-08-29 15:16:03 -
MINNEAPOLIS and SINGAPORE, Aug. 29, 2013 - Medtronic announced today the
official opening of a global Center of Excellence (CoE) for Business Model
Innovation in Singapore. This new Center, based in the current local Medtronic
facility, is responsible for designing, testing and scaling new business models
for the rapidly growing developing markets across Asia. Next to developing new
financial approaches, the center will also develop new commercial models to
systematically address market growth barriers, which would be piloted in one
country and possibly rolled out across several markets around the world, and in
particular in emerging markets in Asia.
Kevin Lai, director of Biomedical Sciences at the Singapore Economic Development
Board (EDB) said, "We strongly welcome Medtronic's decision to establish its
Global Center of Excellence for Business Model Innovation in Singapore. Emerging
markets in Asia
provide tremendous growth opportunities for companies, but also
present new challenges. This Global Center of Excellence for Business Model
Innovation will enable Medtronic to address market-specific needs and barriers
more effectively through Singapore. This is an example of the new capabilities
that Singapore is partnering with companies to build, to support their growth in
"We are delighted to partner with EDB to base the global Business Model
Innovation CoE in Singapore," said Sundeep Lal, Medtronic's international vice
president of Strategy, Business Development, and Business Model Innovation.
"The center is well positioned to leverage Singapore's ecosystem and geographic
proximity to developing Asia to address healthcare delivery challenges for this
region and beyond."
In addition to this new global Center of Excellence for Business Model
Innovation, Medtronic has other facilities in Singapore, including its Asia
Pacific headquarters, and local manufacturing and sales operations.
Medtronic, Inc. (http:www.medtronic.com), headquartered in Minneapolis, is the
global leader in medical technology - alleviating pain, restoring health, and
extending life for millions of people around the world.
Any forward-looking statements are subject to risks and uncertainties such as
those described in Medtronic's periodic reports on file with the Securities and
Exchange Commission. Actual results may differ materially from anticipated
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Source: Medtronic, Inc. via Thomson Reuters ONE