Company: Medtronic ($MDT)
Headquarters: Minneapolis
Med Tech R&D budget 2012: $1.55 billion (calendar year estimated)

The bottom line: Minnesota's own global medical device giant ranks third on our list in R&D spending, with an estimated banner fiscal year for R&D, up from $1.49 billion in 2011 and $1.47 billion in 2010. The company under CEO Omar Ishrak has focused not only on steady R&D spending growth but also making its R&D process more efficient. That stellar focus has led to big advances in areas including renal denervation, next-generation pacemakers and defibrillators, plus the acquisition of new technologies in emerging markets.

For more:
Medtronic grabs CE mark for next-gen ICD
Renal denervation: Medtronic, St. Jude vie for lion's share of billions