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.”
# # #
About Northwell Health
Northwell Health is New York State’s largest health care provider and private employer, with 22 hospitals and over 550 outpatient facilities. We care for more than two million people annually in the metro New York area and beyond, thanks to philanthropic support from our communities. Our 62,000 employees – 15,000+ nurses and about 3,900 physicians, including more than 2,800 members of Northwell Health Physician Partners – are working to change health care for the better. We’re making breakthroughs in medicine at the Feinstein Institute. We're training the next generation of medical professionals at the visionary Hofstra Northwell School of Medicine and the School of Graduate Nursing and Physician Assistant Studies. And we offer health insurance through CareConnect. For information on our more than 100 medical specialties, visit northwell.edu.
About Northwell Ventures
Northwell Ventures (NV), the corporate venture arm of Northwell Health, launched a fund to invest in and actively manage companies that represent a current or future strategic interest. The NV fund seeks to identify and invest in novel technologies and business models that have the prospect to advance Northwell’s growth and generate attractive returns. The group, as a whole, works to accelerate Northwell’s broader strategic healthcare focus by utilizing Northwell as a laboratory to rapidly validate technologies, new business models, and conduct research to build profitable companies and increase the quality of care for our patients. For more information, please visit http:northwell.edu/ventures
About the Israel Innovation Authority
The Israel Innovation Authority, which is responsible for the country’s innovation policy, is an independent and impartial public entity that operates for the benefit of the Israeli innovation ecosystem and Israeli economy as a whole. Its role is to nurture and develop Israeli innovation resources, while creating and strengthening the infrastructure and framework needed to support the entire knowledge industry. As such, the Israel Innovation Authority advises the government and Parliament ("Knesset") committees regarding innovation policy in Israel and furthermore monitors and analyzes the dynamic changes taking place throughout the innovation environments in Israel and abroad. The Authority creates cooperation with counterpart agencies to promote technological innovation in the Israeli industry and economy. An innovation ecosystem is a complex economic system that changes very rapidly. In order to serve our clients in the best possible way, we constantly strive to adapt our support tools to the changing demands and challenges of the hi-tech industry in Israel. Accordingly, we design and operate a variety of dedicated programs for private sector companies, promoting unique initiatives that translate policy into practical tools for the industry. This ensures the continuous development of the Authority's operational scope, along with the expansion and strengthening of technological research and development in Israel. For more information, visit matimop.org.il
About the Israel Economic Mission of the Ministry of Economy and Industry
The Government of Israel Economic Mission is a government entity that facilitates collaboration, trade and investment between Israel and North America. With five offices located around the United States, we serve as a gateway for American companies that would like to explore investment opportunities in Israel and for Israeli companies looking to develop and expand their operations in the U.S. We provide guidance and business opportunities for companies interested in raising capital, exporting goods and services, and finding technological or strategic partners. We also provide information on available grants, loans and incentives that the Israel government provides to foreign investors. Year round, we arrange and support dozens of conferences, business delegations and campaigns for every sector of the economy, from high-tech and new media to consumer products. For more information, visit israeltrade.nyc