The BioBusiness Alliance of Minnesota and LifeScience Alley announced late last week that it is teaming up with an Israeli consulting company to promote business partnerships in medical technology between the two regions.
Specifically, the alliance with MedVance Ltd. seeks to make establishing these partnerships easier, more efficient and effective. While BBAM plans to use its network and leverage Minnesota’s medical technology strength to set up successful partnerships and commercialize technology. MedVance will look for business partners who are looking to cement relationships with U.S. companies who either want to buy Israeli technology and materials or sell to them.
“Minnesota and Israel are recognized globally as centers for developing medical technology. Together, our complementary skill sets can be leveraged to achieve greater successful outcomes in both regions,” said Dale Wahlstrom, CEO of LifeScience Alley and BBam, in a news release.
Israel has long been recognized as a place for medical technology innovation. Medtronic CEO Omar Ishrak returned from a trip to Israel in January and even tweeted about it.
Here are some facts about the med tech industry courtesy of MedVance:
- The medical devices sector accounts for the largest share of the life science sector with 401 firms
- Biotech is made up of 130 firms and pharmaceutical companies number 76
- Globally, when it comes to patents issued per capita, Israel’s medical device sector ranks no. 1 and no. 4 in the total number of patents granted
- Out of 702 life science companies, 319 are revenue producing, 146 are in the clinical testing stage, 110 in the seed stage, 74 in the pre-clinical stage
- There were 173 life science companies established within the last five years