The Shanghai Innovation Center is the other recent addition to the company facilities in China. It is the first such center for Medtronic outside the US and Europe, and is directed towards creating local product research and development. The center will help tap local research from universities and institutes, while also partnering with Chinese physicians to tailor solutions for the market.

The deal with LifeTech Scientific has been done with eyes on the cardiovascular market of China. It is "an alliance with a local leader that understands the market and has established relationships with local customers, and the resources to grow in the markets it serves", said the company. In return, this alliance provides LifeTech with access to world-class medical device expertise and leading edge technologies.

Making its way into India

India is the other big market for Medtronic. There were unconfirmed reports earlier this year that the company was weighing its options of an investment in the Chennai-based medical devices company Trivitron. Both Trivitron and Medtronic refused to comment on the matter.

An email response from Medtronic, however, said, "We routinely review our portfolio to ensure it has the right strategies in place to fuel growth and increase patient access to life-changing therapies - and to ensure our business remains productive and successful. We must be disciplined in our capital management and allocation and any investments must be prioritized based on customer economics and a rigorous risk assessment."