14-July-2010

Hundreds of companies displayed their wares in a maze of rooms and bright lights at a recent biotech and life sciences convention in Tel Aviv, the Jewish Telegraphic Agency reported in its story, "Life Sciences Become Big Business in Israel."

Among the displays were firms with home-grown advances in cell and gene therapy, imaging and heart disease drugs. In its ninth year, the ILSI-BioMed Conference drew some 7,000 people, including international investors and industry leaders, the agency reported. It was the largest such industry gathering outside of the United States, according to conference organizers.

The field of life sciences — an umbrella term that refers to medical devices, pharmaceuticals and biotechnology — has become big business in Israel, according to the Jewish Telegraphic Agency. There are more than 1,000 companies and another 80 join the field every year, according to industry estimates.

Last year, life sciences accounted for $6 billion in Israeli exports, mostly to the United States, making it one of Israel's biggest exports, according to the Jewish Telegraphic Agency.

Debra Lappin, the president of the Council for American Innovation and a senior vice president at B&D; Consulting, said the United States needs Israeli know-how and thus should be welcoming to Israeli companies and the advances they bring.

"The new nature of innovation relies on partnerships," Lappin said in the story. "The U.S. is reliant on outsourcing its innovation, so we need to make sure the door is open because otherwise Israel will look elsewhere."