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IATI Israel's Life Science Annual Industry Report

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IATI Israel's Life Science Annual Industry Report In partnership with 2021 IATI Israel’s Life Science Annual Industry Report Connecting Israel’s Tech Ecosystem With the support of In cooperation with IATI Promotes and Supports the Entire High Tech and Life Science industries with Hundreds of Paying Members Entrepreneurs Academia R&D Centers Hospitals MatureCompanies Israeli Innovation Centers Venture Capital funds Multinational Companies Tech Transfer Start-ups O ces ExchangesStock Development ProvidersService Incubators Economic O ces Private investors Municipalities Connecting Israel’s tech ecosystem To learn more about joining IATI: T: +972 73713 6313 / [email protected] / www.iati.co.il Herzliya Pituach, Israel Connecting Israel’s tech ecosystem Connecting Israel’s tech ecosystem Table of contents Executive summary 4 Israel's Life Sciences Industry 6 Israel Life Sciences Industry Sub-Sectors 8 Israel Life Sciences Industry by Geographic location 9 Healthcare IT and Digital Health 13 Israel Life Science Industry Rising Sectors 16 Funding 45 Israel High-Tech Funding 45 Israel Life Sciences Sector - Funding 47 Breakdown of life sciences investment sources in Israel 49 Most Active Life Sciences Investors in Israel 55 Israeli Life Sciences companies listed on Nasdaq 60 Tel Aviv Stock Exchange (TASE) 62 Other Stock Exchanges 64 Acquisitions of Israeli Life Sciences companies 66 Government Support and Regulations 71 Government Initiative 73 Financial Support 76 The most active life sciences incubators: 77 Export of Israeli Life Sciences Products 84 Commercialization Companies in Israel - Technology Transfer Offices (TTOs) 87 COVID-19 95 Healthcare Innovation: The New Normal 96 Innovation In Times of Crisis - A Unique Collaboration 102 Covid-10 Vaccines and Therapies: Status, Forecast and the Israeli Angle 104 IATI Members Bring Their Personal Take on the Israeli Life Science Industry 108 Looking Into The Future 117 How Can the Israeli Health-Tech Industry Reduce the Cost Burden 117 The Bio-Convergence Revolution 120 Opportunities Await Investors at the UAE’s Fast-growing Healthcare Sector 128 Industrial Cooperation in the Israeli Life Sciences Sector – Generating 133 Opportunities for Growth Global Trends 135 Sources 137 Connecting Israel’s tech ecosystem 3 Connecting Israel’s tech ecosystem Executive summary IATI Israel’s Life Science Annual Industry Report: Israel’s Life Sciences Industry, provides the broadest, deepest view of this thriving industry. The continuity, the annual comparison and the long-term view, all make the Report the most comprehensive take on the Israeli Life Science Industry. As the Israel’s Umbrella Organization of the High-Tech & Life Science industries, IATI continuously acts to connect and promote the country’s massive resources of academic and technological prowess towards creating a fertile ecosystem which will nourish growth in the coming years as well. The Israeli life science industry kept growing in 2020 despite the COVID-19 pandemic. Continuance increase in the number of companies, stable maturity levels and innovation in new and developing sectors, all contribute to the industry's success and significant role in the Israeli economy. Similar to prior years however, with less than 50% of companies located off the central area of Israel (known here as the Periphery), this success is not yet equally spread. Not enough actions are taken to encourage entrepreneurs bring their companies to these areas, and we believe there is more that should be done. After putting a spotlight on the industry's rising sub-sectors in our prior report, we focus this time on some new promising sub-sectors and following up on those we have identified in the past. This is in addition to the traditional sub-sectors discussed in our prior reports. The spotlight is put on those sectors not only because they are fast populated by new companies and attract more investments, but mainly as being leaders in innovation and multidisciplinary abilities, demonstrating the industry's ability to take advantage of the excellence in academic research, deep government support and the innovative ecosystem in Israel. The healthtech industry has been experiencing dramatic changes due to the COVID-19 pandemic. From unique collaborations with players coming outside of the life sciences industry through fast paced adoption of digital health and remote health solutions, the pandemic had a huge impact on the industry. This also led to a record year when it comes to funding, with the first quarter of 2021 continuing the trend. The healthcare landscape is continuing to shift towards a more integrated ecosystem, converging biopharma, medtech, digital health and healthcare into a single bio- convergent industry. This emerging bio-convergent healthtech space holds great potential to make a transformative impact on health and healthcare practices. When it comes to holding a leading position in this emerging bio-convergent field, Israel has substantial strengths and capabilities. Connecting Israel’s tech ecosystem 4 Connecting Israel’s tech ecosystem A broader discussion on Israel's value proposition in the bio-convergent sphere can be found in the "Bio-Convergence Revolution" chapter of this report. The healthcare system is confronting skyrocketing costs, while the biopharma industry is coming up against aggressive pricing pressures. In an effort to meet these challenges, the healthtech industry is seeking new innovation growth engines. Israeli life science companies can play, and in many ways already are playing, a leading role in facing the coming challenges. Fostering digital health innovation to address actual needs and not perceived ones, for example, can lead to significant improvements in integrating technological solutions, even from sources outside of traditional healthcare. We invite you to read insights from the field in the "How Can the Israeli Health-Tech Industry Reduce the Cost Burden" chapter and throughout the report. I would like to warmly thank the Israeli Innovation Authority for supporting this Report and for partnering with us on promoting the industry throughout the year; Omer Gavish, Partner, Pharmaceuticals & Life Sciences Leader at PwC Israel, for all the support in preparing this Report; Dr. Yair Schindel, Co-Founder & Managing Partner and the team of aMoon Fund; Oded Har-Even, Co Managing Partner, Sullivan & Worcester Tel-Aviv; and Assaf Harel, Partner, Gornitzky & Co. Here’s to another year of Israeli biomedical pride! Karin Mayer Rubinstein CEO & President IATI All rights reserved for IATI - Israel Advanced Technology Industries (R.A)© ("IATI") . No part of this publication may be reproduced, copied, photocopied, stored in retrieval system, transmitted by electronic, mechanical, photocopying or recording means in any form in whole or in part - without the prior written permission of IATI. Connecting Israel’s tech ecosystem 5 Connecting Israel’s tech ecosystem Israel's Life Sciences Industry According to our own database and estimates, as well as other databases, as of 2020 approximately 1,7501 life science companies are active in Israel (Figure 1), employing more than 84,0002 people. Over 1,500 life sciences companies were established in Israel in the last decade, or 150 companies every year on average (Figure 2), and approximately half of them are still active. While since 2014 the number of newly established companies is above the decade average, only 92 companies were established in 2020, continuing the decrease started in 2017 in number of newly established companies. The sharp decrease in 2020 however, can be explained by the outbreaks of COVID-19 worldwide near the end of Q1, causing a steep decrease in the amount of companies established this year com- pared with prior year. Figure 1 - Cumulative Number of Active Life Science Companies (2011-2020) Source: IATI Database IVC Database Figure 2 - Number of Israeli Life Sciences Companies Established (2011 - 2020) Source: IATI Database IVC Database 1The numbers throughout the report are likely to change in future reports as additional data is gathered 2Including employees in Israel and in branches outside Israel Connecting Israel’s tech ecosystem 6 Connecting Israel’s tech ecosystem 670 life sciences companies, or 67 companies every year on average, ceased to operate in the same decade for various reasons (Figure 3). It is interesting to see that although 2020 suffered from the outbreak of the COVID-19 pandemic which impacted the number of companies established in this year, the number of companies ceased operation decreased significantly in 2020. However, it is still too early to say what will be the impact of the pandemic on companies, and this number may increase in 2021. Figure 3 - Number of Israeli Life Science Companies Discontinuing Operations (2011 - 2020) Source: IATI Database IVC Database 37% of the total active life sciences companies are in advanced stages. This percentage is stable over the last few years, as well as the percentage of companies in initial revenue and revenue growth stages (included in the advanced stages), with 33% and 4%, respectively (Figure 4). The remaining of the companies are mainly in R&D stage, representing 53% of the total active life science companies. Figure 4 - Number of Active Israeli Life Science Companies by Stage Source: IATI Database IVC Database Connecting Israel’s tech ecosystem 7 Connecting Israel’s tech ecosystem Israel Life Sciences Industry Sub-Sectors The Israeli Life Sciences Industry can be generally divided into four major sub sectors - Digital Health, Medical
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