Israel’s life science industry exports will doable to $10 billion by 2009

Exports of the Israel’s life science industry will doable to $10 billion by 2009, according to a new forecast by Israel Export Institute, that revealed before the opening of Biomed 2007 conference, the key event of Israel’s life science industry.

The sector’s exports increased by 32% to $4.7 billion in 2006 and grow by 26% to $1.2 billion in the first quarter of 2007.

Other new figures that reported towards the Biomed Israel 2007 Week, show that in the last six months (November 2006 to May 2007), the Israel Chief Scientist office earmarked $100 million in budgets for the life science industry.

The Chief Scientist handled applications from 58 companies for support in 114 specific projects. Of the $100 million given to the life science industry, research and development budgets accounted for $41 million.

The figures also show that support of the life science industry continues to grow its share of the Chief Scientist’s “budget pie”. In 2000, the Chief Scientist office allocated 14% of its budget to this area. By 2003, the rate was 23% and in 2006 28% of the total budget.

A breakdown into industry segments shows that biotechnology received the largest share of the Chief Scientist’s R&D allocations with $31 million, compared with $27 million in 2005. Medical devices protected its share at $25 million, while pharmaceuticals increased their share of R&D support from $17 million in 2005 to $22 million in 2006.

Total R&D grants extended by the Chief Scientist office for life science ventures in 2006 was $78 million. 20% of the approved programs were for medical devices, 43% for bio-pharma and 37% for biotechnology.

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