Jerusalem to Begin Massive Investment in Biotech Companies
I am personally committed to the field of biomed and the health and life sciences business cluster as a core competitive advantage that we must exploit in Jerusalem
Tuesday, 16 June 2009
Sivan 23, 5769, 15 June 09 02:28
by Malkah Fleisher(IsraelNN.com) The City of Jerusalem plans to raise and invest a whopping 100 million shekels ($25 million) over the next five years in health and life science companies in a bid to create jobs in Israel's capital city and to gain an impressive reputation for the metropolis as an international partner in the field.
Jerusalem Mayor Nir Barkat, attending the June 15 Israel Life Science Institute (ILSI) Biomed 2009 conference, discussed the venture at a reception organized by Yissum Research Development Company, a subsidiary of the Technology Transfer Company of the Hebrew University of Jerusalem.
Barkat said the Jerusalem Municipality, in coordination with the Jerusalem Development Authority, will bolster health and life sciences infrastructure, train skilled personnel, establish a Jerusalem-based investment fund for health sciences, and will establish and advance the first Israeli biomedical industrial park on the campus of Hadassah medical center and the Hebrew University School of Medicine.
"I am personally committed to the field of biomed and the health and life sciences business cluster as a core competitive advantage that we must exploit in Jerusalem," said Barkat." Among other things, I intend to award financial incentives in order to encourage international companies to put down roots in Jerusalem, as well as to define Jerusalem as a Special Economic Zone with tax benefits for high-tech and biotech companies."
These projects will supplement work of the Jerusalem Development Authority's BioJerusalem project, which was founded to utilize the life sciences industry as a means to promote economic growth in the capital.
Shirley Kutner, executive director of BioJerusalem, said Jerusalem has seen a 20 percent increase in life sciences companies and a 34 percent growth in life sciences employment since 2006, with 110 biomedical companies operating in the municipality.
Kutner estimated that investment in biomedical companies will surpass $350 million in five years. Jerusalem's reputation as a leading center in biopharmaceuticals is largely responsible for the impressive estimate, according to Kutner.
Approximately 43 percent of all biotech research in Israel is conducted at Hebrew University, with half of the country's clinical research being performed at Hadassah Medical Center. Jerusalem also hosts Israel's only incubator for drug development – BioLine Innovations Jerusalem.
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