TEL AVIV, Israel--(BUSINESS WIRE)--Statistical reports prepared by the Israeli Chief Scientist office towards the ILSI – Biomed Israel 2011 Week, which will open in Tel Aviv in two weeks (May 23-25, 2011), show that the Chief Scientist helped support life science projects in Israel, with NIS 430 million in 2010. Avi Hasson, the Chief Scientist, will speak at the conference at the opening of the day devoted to young biomed companies.
Of the NIS 430 million of support funds, NIS 49 million were given to pharmaceutical development; NIS 173 million to biotechnology, and NIS 209 million to medical equipment. In all, the R&D Committee of the Chief Scientist Office considered 338 project applications from 193 companies, of which 265 projects were approved, representing a total R&D budget of NIS 701 million. This is 10.5% less than the State support given to life science R&D in 2009, the sector's record year of the past decade. However, the bio technology sector benefited from increased grants with NIS 4 million more that in 2009.
The figures also reveal that State support of life science innovation of the past years has been ranging between 30% in 2007 to 28.1% in 2010, a significant increase from 14% in 2000 and 22% in 2003.
Commenting on the figures, Hasson said Israel's outstanding excellence centers in the academy, combined with entrepreneurial spirit and technological life science capabilities results in Israel being positioned as a significant life science player on a global level. "Israel is unique in combining life science with additional areas, such as nanotechnology, intelligent materials and advanced electronics," said the Chief Scientist.
Hasson pointed out the Chief Scientist office is committed to continued support for the life science sector, with life science companies benefiting from a preferred status regardless of the stage in their evolution. "With our support, more companies were able to reach advanced stages of clinical development in recent years," he said.
The chief scientist noted in this context, the recently-announced win of OrbiMed Advisors of the tender to establish dedicated life science R&D funds in Israel. "When an international company mobilizes USD 160 million, which is more than twice than the minimum required to bid in the tender, this is the best evidence of the trust the global capital market places in the Israeli life science industry and its technological and commercial potential for economic growth."
2011 marks the 10th anniversary of ILSI Biomed Israel 2011 Week. Over the past decade, it has grown into an international conference hosting the biggest (and hottest) names of the biotechnology, pharmaceutical and medical instrumentation industries. The conference organizers, the Israel Life Science Industry (ILSI), and Kenes Congress Group, expect more than 1,000 overseas guests to join thousands of local bio-pharma and medical instrumentation executives, scientists, researchers, entrepreneurs, opinion leaders, VC fund managers and private investors who confirmed their participation at the Conference.
About ILSI Biomed Israel 2011
The ILSI Biomed Israel 2011 is the central annual event of Israel's life science industry. It consists of an international professional conference, targeted at the best experts and executives from bio-pharma and medical instrumentation companies, as well as scientists and researchers, entrepreneurs, opinion leaders, VC fund managers and private investors from Israel and abroad. The adjoining exhibition displays the most recent innovations of these areas. With the years, ILSI Biomed Israel 2011 has won international acclaim and is considered today as the second largest conference of the life science industry after the USA. It will be held from May 23rd to 25th at the David Intercontinental Hotel in Tel Aviv.
Visit the conference website at http://www2.kenes.com/biomed/pages/home.aspx