The Medtronic logo outside of a company facility in San Antonio, Texas on Jan 29, 2017. (Photo: IC)

A medical-technological innovation accelerator was launched on Monday in Shanghai by Irish medical technology company Medtronic, aiming to empower early stage med-tech innovations in the increasingly important Chinese market.

In an effort to improve patient outcomes and convert ideas into valuable medical products and solutions, Medtronic established a collaborative innovation platform. Located in Pujiang International Science and Technology City at Shanghai's Minhang district, it is tasked to provide service for med-tech start-ups worldwide and address unmet clinical needs in China.

"China represents a tremendous opportunity, given its significant market size, abundance of unmet clinical needs and active entrepreneurship landscape. Establishment of this Medtronic med-tech innovation accelerator forms another bold step to continue to advance innovation through collaboration," said Omar Ishrak, Medtronic chairman and CEO.

The platform has already signed up several start-ups for its initial roster of portfolio companies, and will prioritize supporting early stage innovations in the medical application of artificial intelligence, surgical robotics and neuromodulation, among other fields.

Occupying 1,000 square meters in its first phase, facilities and equipment were made available to 10 companies for research and development and administrative work, and they were also granted access to resources in the Medtronic R&D network.