Philips, Teva Launch Israeli Medtech Incubator
By Jof Enriquez,
Follow me on Twitter @jofenriq
Philips Healthcare and Teva Pharmaceutical Industries Ltd. recently launched Sanara Ventures — an incubator for Israeli medtech and pharmaceutical companies with global aspirations.
Sanara, which means ‘to heal’ or ‘to cure’ in Latin, will be based in the Ra'anana high-tech industrial park, according to Globes. It was recently given authorization by Israel’s Office of the Chief Scientist of the Ministry of the Economy, and the facility has officially begun operations. The incubator aims to fund and mentor startup companies with medical device and related technologies that complement drug development.
In particular, Globes reported that companies that will be invited into the new platform are those working in the areas of digital health, continuum of care and disease management, patient diagnosis, sensing and monitoring, emerging imaging modalities, drug delivery, and drug device combinations.
Philips and Teva have earmarked up to NIS 100 million as initial investment over the next eight years to fund the participating companies, the newspaper said.
"This unique cooperation between Teva and Philips expresses our faith in the important potential contribution of science and innovation in Israel in Teva's future directions and illustrates our commitment to operate and invest in Israel," said Teva president and CEO Erez Vigodman, according to Globes.
Israel is home to approximately 700 medical device companies and has the most medical device patents per capita in the world, according to a Med Device Online article. The medtech market in the country is expected to reach nearly $1.6 billion in 2018, up over 40 percent from $1.1 billion in 2013.
"Israel has a major record of achievement in innovation, which Philips is a partner to through our extensive R&D investments in the country. I am convinced that this step will promote and strengthen even more healthcare innovation in Israel," said Royal Philips president and CEO Frans van Houten, according to the Globes.
Philips recently said in a conference call presentation that it received strong orders in Europe and the Middle East during the fourth quarter. However, it also announced that their fourth quarter overall earnings decreased 67 percent year-on-year. The company attributes the drop to operational difficulties, soft markets, and restructuring costs related to its planned split into two companies.