New York-based health giant Northwell Health has teamed up with the Israel Innovation Authority to develop and implement a number of medical innovations it says will improve patient care.
Representing hundreds of medical technology start-up companies in Israel, the IIA is a government-backed agency that partially funds newly founded companies to help them develop and bring their products to market. Israel is second only to Silicon Valley in sheer number of medical technology startups.
The joint agreement was brokered in part by Northwell Ventures and the Government of Israel Economic Mission, which promotes collaboration between Israeli and American companies in a variety of sectors.
What the medical innovations will entail remains to be seen, but that’s largely the point: The goal, said Northwell President and CEO Michael Dowling, is to harness the power of clinical and administrative experts to identify innovations, both technologies and business models, that advance not only patient health but the business’ growth strategies.
Israel Innovation Authority CEO Aharon Aharon, said the partnership will enable the development of Israel’s Life Science ecosystem, and help to create “synergies with the US health system, including the support of Israeli companies in medical technologies validation projects, co-funding R&D projects, organizing joint 'innovation days' and facilitating other types of links between our organizations."
"The signing of this agreement will allow Israeli companies greater access to the experience and assets of a world-class organization in our region," said Inon Elroy, Israel's Economic Minister to North America, the representative of the Ministry of Economy and Industry in New York. "Working with Northwell will provide Israeli innovation companies with a supportive atmosphere and investment potential to make an impact."