Israel is a relatively young society, and is focusing on improving its standard of education. This has granted the country a skilled workforce, ranking it among the world’s leading countries in terms of number of scientists, engineers and high-tech start-ups per capita, as well as in R&D spending per capita.
High R&D expenditure in the field of science and technology has led to many medical advances in the Israeli pharmaceutical industry. The country, which has the highest rate of registered medical device patents per capita in the world, boasts various innovations including ingestible cameras, portable cardiac ultrasound systems, implantable visual aids for the sight-impaired, and instant Computed Tomography (CT) scanners. Israel’s R&D intensity increased during the last decade, in contrast to the EU where research slowed during the financial recession.
The country’s Pharmaceutical Division functions under the guidance of the Ministry of Health, working with the Institute for Standardization and Control of Pharmaceuticals (ISCP) to regulate all pharmaceuticals, clinical trials and cosmetics in Israel. Departments such as the Medical Registration Department, Drug Assessment Unit and Good Manufacturing Practice (GMP) Inspectorate work under the guidelines of the Pharmaceutical Division and ISCP. Teva Pharmaceuticals, an Israeli firm is currently one of the largest manufacturers and exporters of generic pharmaceuticals and Active Pharmaceutical Ingredients (APIs) in the world.
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New drugs registered in Israel are manufactured in accordance with GMP regulations and relevant EU directives on terms of quality and efficacy to ensure public safety. In turn, medical products are eligible to be registered in Israel if they have been manufactured, registered or marketed in the US, Canada, a member country of the EU, Switzerland, Norway, Iceland, Australia, New Zealand or Japan. This allows drugs and medical equipment to be shared relatively easily between Israel and other countries, encouraging growth in the market.
The pharmaceutical market in Israel was estimated at US$1.29 billion in 2005 and is projected to reach approximately US$2.3 billion by 2020 at a Compound Annual Growth Rate (CAGR) of 3.9%. The Israeli medical device market was worth approximately US$1.2 billion in 2011 and is expected to grow to approximately US$1.9 billion by 2020 at a CAGR of 4.6%.
With increasing awareness of chronic diseases, the medical care and diagnostic markets are expected to grow stronger in the future. Furthermore, Israel is one of the most developed economies in the Middle East. However, strained political relationships with neighboring Arab countries and terrorism remain threats to Israel’s healthcare market and in broader terms, its economy.
This report is an essential source of information and analysis on the Israeli healthcare, regulatory and reimbursement landscape, identifying key trends in the healthcare market and providing insights into the demographic, regulatory, and reimbursement landscape and healthcare infrastructure. Most importantly,
The report provides valuable insights into the trends and segmentation of the pharmaceutical and medical device markets.
This report was built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts.
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