Northwell Health has signed an agreement with the Israel Innovation Authority (IIA) to collaborate on the development, validation and implementation of medical innovations that advance 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 the number of medical technology start-ups based there.
“Northwell will seek to engage its clinical and administrative experts to identify and pilot groundbreaking innovations, which have the potential to improve quality and better serve our patients,” said Northwell Health President and CEO Michael J. Dowling.
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.
“This novel alliance is part of Northwell’s broader effort to identify and invest in novel technologies and business models that have the potential to advance care and accelerate our growth strategy,” said Tom Thornton, senior vice president and executive director of Northwell Ventures.
“We are committed to the development of Israel’s Life Science ecosystem,” said Israel Innovation Authority CEO Aharon Aharon. “Hence, through cooperation with Northwell, we look forward to creating innovation 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.”
