The life sciences industry, which includes pharmaceuticals, medical devices and medical equipment, is one of the few sectors that have not been hit by the global recession. In the first quarter, the industry's exports rose to $1.5 billion, 7% higher than the corresponding quarter of 2008.
The Israel Export and International Cooperation Institute said that the overall growth was primarily due to a 27% rise in pharmaceuticals exports, which reached $1.2 billion in the quarter. Medical devices and equipment exports fell 25% to $316 million.
The figures were provided by Israel Export and International Cooperation Institute director general Avi Hefetz, ahead of the ILSI-Biomed Israel 2009 conference in Tel Aviv.
Export Institute economists expect that the sector will continue to see a slight rise of 2-3%, reaching a total for the year of $6.7 billion.
In 2008, life sciences exports totaled $6.5 billion, 26% higher than in 2007.
72% of the industry's exports are to North America. 85% of exports to North America are pharmaceuticals, and 15% are medical devices.
Exports to Europe totaled $1.4 billion, 21% of the total. 42% were medical equipment, and 58% were pharmaceuticals.
The Biomed 2009 8th National Life Science & Technology week is organized by Kenes in collaboration with Globes. It will be held at the David Intercontinental and Dan Panorama hotels in Tel Aviv June 15-17.
Published by Globes [online], Israel business news - www.globes-online.com - on June 10, 2009
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