In the February/March 2013 edition of fDi Magazine, Medtronic CryoCath’s $50 million investment in Greater Montréal in 2012 was proclaimed the Best Med-Tech Project of the past year. fDi’s inaugural Projects of the Year 2012 awards recognise the best investments in a number of sectors all around the globe.
A leader in the development of medical technology, Medtronic has decided in 2012 to expand its facilities in Kirkland, Greater Montréal, where it applies Québec expertise in the manufacture of cryoablation products for the treatment of atrial fibrillation. The technology is designed to treat certain types of heart rhythm disorders by using cold to remove diseased tissue. Medtronic will also be able to set up a medical research and training centre on cryoablation in Pointe-Claire, also located in Greater Montréal. The project will create more than 200 jobs and retain 200 more and is supported by a $15 million financial assistance from the government of Quebec. The company also benefited from the services of Montréal International.
According to fDi, in the case of Medtronic Cryocath’s winning project, what was impressive was the nature of the investment. Med-tech projects are highly competitive because it is a high-value sector requiring advanced manufacturing and scientific skills, so landing that $50 million investment was a great win. This is something that fDi would expect to have a huge impact in the region.
Sources: fDi Intelligence, 2013 ; Investissement Québec, 2012 (Press release, April 24, 2012)
Mathieu Lefort, Analyst, Economic Research Division, Montréal International