Covidien announced Tuesday that the company is opening its first research and development, and training center in South Korea.
Called the Covidien Center of Innovation Korea, the nearly 20,000-square foot facility will cost $21 million over three years. It will incorporate surgical labs with 11 operating stations, an intensive care unit lab and state-of-the-art technology to help train physicians who will learn more about Covidien's devices and technologies.
Physicians affiliated with Korean Surgical Society and the Korean Society for Thoracic & Cardiovascular Surgery will start training there as part of memorandum of agreements that Covidien signed earlier this year with the two groups.
“Korea is a key market in our global strategy, and this investment is a reflection of our commitment to partnering with Korean healthcare professionals," said Mr. Brian King, Covidien's president of Emerging Markets.
The opening of the Korea facility comes a little over a year after Covidien announced the official opening the $45 million China Technology Center, a R&D facility in Shanghai.
But Covidien is not the only medical technology company that is keen to capitalize on emerging markets and focus on local R&D, amidst a challenging U.S. market environment.
Last August, Medtronic also announced the opening of an R&D center in Shanghai. In March 2011, St. Jude Medical opened a technology training center in Beijing. In June 2011, Boston Scientific announced a five-year, $150 million investment in China that included the development of a training center.
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