A Deeper Look at Israel, a Global Medtech Innovation HubFeb. 10, 2016
When it comes to medtech markets, the story is always of Brazil, Russia, India, and China, the so-called BRIC nations.
But when it comes to novel healthcare solutions, you can’t ignore the global innovation hub that is Israel. The medtech subsector accounts for a majority of the overall Israeli life sciences industry—53% of all Israel-based life sciences companies active in 2014 were medical device companies, according to Israel Advanced Technology Industries (IATI), a nonprofit trade group representing the company’s high tech and life sciences industries.
The number of original patent applications in the life sciences rose more than a third between 2008 and 2013. The dominant fields within those original patent applications were medicine (24%), biotechnology (17%), and medical equipment (13%).
The Israeli government has played a very important role in encouraging research and development in the life sciences. According to the 2015 Life Science Industry report from IATI, the Office of the Chief Scientist at Israel’s Ministry of Economy invested $100 million annually over the last decade in the sector—and that in a nation of only 8 million people.
Local universities have been preparing students for research and careers in the life sciences. One of every three Israeli scientists specializes in life sciences—the world’s highest per capita ratio—per the IATI report. Further, life sciences represent about half of Israeli civilian research activities in its seven universities, 10 research institutes, and five medical schools.
Multinational companies have taken notice of the R&D talent in the country, and many have established R&D centers, including medtech companies such as Edwards Lifesciences, St. Jude Medical, Covidien (now Medtronic), and Abbott.
For the full MDDI article click here.