80% of Israel’s currently operating life sciences companies were founded in the past 10 years.
“Israel has developed a large biomedical industry (medical devices, pharmaceuticals, and biotechnology) and it is a global leader in terms of innovation. This can be seen in the huge number of patents registered in Israel, the largest number of patents per capita in world for medical devices, and the fourth largest number in biopharmaceuticals. Israel is one of the top 20 countries in spending per capita in the field,” says Frost & Sullivan in a report on Israel’s biomedical industry.
Frost & Sullivan adds that the past decade has been especially fertile for Israel’s biomedical industry. During this period, 80% of the currently operating life sciences companies in Israel were founded. The medical devices sector is especially thriving, accounting for 54% of the life sciences industry and attracting the bulk of biomedical venture capital investment. From an international perspective, Israel’s biomedical industry is young: 20% of companies are still in the clinical trials stage.
Frost & Sullivan says that most of Israel’s pharmaceuticals industry is in generics, beginning with Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA). The report counted more than 100 other pharmaceutical companies. Spending on drugs amounts to $300 million a year, with 60% of products imported.
Published by Globes [online], Israel business news - www.globes.co.il - on June 14, 2007
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