The Israel Innovation Authority and the Mayo Clinic announced Tuesday they had signed a Memorandum of Understanding (MOU) to cooperate on health tech innovation, with a focus on new medical devices, diagnostics, software solutions and therapies.
The authority, the Israeli government’s support arm for the country’s innovation and R&D said through the collaboration Israeli companies can co-develop, test, and pilot technologies, with services and expertise provided by the Mayo Clinic.
The Mayo Clinic is the prestigious nonprofit academic medical center based in Minnesota which focuses on integrated clinical practice, education, and research.
The signing took place at MIXiii-Biomed, Israel’s three-day life sciences and biomed conference now in its 18th year.
The program was developed by Mayo Clinic and the IIA’s American operations division.
“The health market and especially pharma are among the fastest growing industries in the world. There is no doubt that the agreement signed between a global healthcare brand such as Mayo Clinic and the Israel Innovation Authority constitutes a vote of confidence in Israel’s startup industry and innovations, further highlighting Israel’s key position in shaping the health landscape of the future,” said Israel’s Minister of Economy and Industry Eli Cohen.
“This collaboration with Mayo Clinic provides amazing opportunities for Israeli companies to work with a world renowned academic medical center with multidisciplinary expertise,” Israel Innovation Authority CEO Aharon Aharon added, “The combination of Israeli innovation and Mayo Clinic’s world-class clinical experience, expertise and facilities, will enable the creation and development of cutting-edge solutions that could prove instrumental in laying the groundwork for the future of global healthcare.”
The Mayo Clinic launched their Israeli Startup Initiative in 2016 to promote collaboration between Israeli startups and employees of the Mayo Clinic. The goal was to accelerate availability of medical innovations to the public, introduce Israeli healthcare technology to the US and promote the development of new discoveries for the benefit of patients, a statement from the authority said.
Israeli startups are invited to apply for funding. They will receive it directly from the Israel Innovation Authority with extra services and mentorship from the Mayo Clinic. A call for proposals will focus on health technologies with two tracks — both collaborative R&D projects between Israeli companies and the Mayo Clinic as well as pilot and validation-stage projects for Israeli companies facilitated by the Mayo Clinic.
“We are excited for the opportunity to expand our outreach to Israeli innovators through this initiative, as they are a part of one of the most vibrant innovation ecosystems in the world,” said Amir Lerman, M.D., Medical Director of the Mayo Clinic Israeli Startup Initiative and a Mayo Cliniccardiologist.