The Israel Innovation Authority (IIA) and Mayo Clinic have agreed to set up a joint program to enable Israeli startups to collaborate in developing and testing their health technologies and medical devices with the Rochester, Minnesota-based institution.
A memorandum of understanding was signed by the IIA and Mayo Clinic during the MIXiii Biomed Conference and Exhibition held in Tel Aviv on Tuesday.
The focus of the cooperation will be health technologies, including in medical devices, diagnostics, software solutions and therapies, the parties said in a statement. The aim is to accelerate the availability of medical innovations to the public and introduce Israeli healthcare technology to the US.
As part of the program, Israeli companies and Mayo Clinic will be able to co-develop, test and pilot technologies, services and devices that help address unmet medical needs.
“The health market and especially pharma are among the fastest growing industries in the world,” Minister of Economy and Industry Eli Cohen said in a statement. “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.”
Mayo Clinic in 2016 launched its Israeli Startup Initiative to promote collaboration between promising Israeli startups and Mayo Clinic innovators. This added initiative will further enhance the collaboration between the clinic and Israeli startups, the statement said.
“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,” said Aharon Aharon, CEO of Israel Innovation Authority, in the statement.
The projects — either joint development initiatives or products that need to be validated within Mayo — must be submitted to the Israel Innovation Authority and successful applicants from Israel will receive funding directly from the Israel Innovation Authority according to its regulations and procedures, while Mayo Clinic will provide services and expertise in kind. Mayo Clinic and the Israeli companies will be able to agree on equity investments and/or a revenue sharing of the products or services that are the subject of the project.
“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 Dr. Amir Lerman, medical director of the Mayo Clinic Israeli Startup Initiative and a Mayo Clinic cardiologist.
To submit proposals Israeli applicants must be registered and operating in Israel.