At a panel at LSI USA '24, industry leaders convened to discuss Israel's remarkable position in the global medtech market. The panel featured prominent figures such as David Israeli, Hila Karah, Chris Eso, Jinny Lee, and Shai Policker. Their insights highlighted the driving forces behind Israel's medical technology ecosystem.

The Culture of Innovation

Israel's relentless drive for innovation is a cornerstone of its success. This culture stems from a national ethos that refuses to accept the status quo and continually seeks improvement. David Israeli emphasized this mindset as a key factor. "It's a very can-do attitude in terms of the culture—people continuously identifying unmet needs, identifying new technologies, and trying to match new technologies with unmet needs," said Israeli. This cultural trait has positioned Israel as a hotbed for startups, particularly in the medtech market.

Israel’s Medical Technology Ecosystem 

The synergy within Israel's innovation ecosystem is unparalleled. Chris Eso highlighted how various components of the ecosystem work together harmoniously, which is rare in other parts of the world. "In Israel, it's completely connected—from the government, from the talent, from the investment side, from the strategics. Everything works in concert for the betterment of the patients," noted Eso. This integrated approach is crucial for the development and success of medical technology innovations.

Innovation Driven by Necessity

Israel's innovation initially stemmed from necessity, as Hila Karah pointed out. The need to survive and thrive in a challenging environment pushed Israelis to innovate. "Israel initially was innovative from necessity. More than anything else, we had to survive, and we had to do well; otherwise, we wouldn't be there," Karah explained. This necessity-driven innovation has evolved, driving Israel to approach the global market with robust, world-changing solutions.

Integration of Diverse Talents

Moreover, integrating diverse talents from various fields into the medtech sector has been a significant advantage. David Israeli mentioned the migration of talent from traditional high-tech industries to healthcare. "We're actually seeing a lot of migration of innovation and entrepreneurs from the traditional high-tech that Israel is better known for (semiconductors, internet, etc.) to the healthcare industry," Israeli noted. This influx of diverse expertise enriches the medtech sector with fresh perspectives and innovative approaches.

Support from Medical Device Investors

Finally, support from medical device investors is pivotal for the growth of Israeli startups. The funding environment, although challenging, has seen more international investors recognizing the potential of Israeli innovations. Hila Karah emphasized the importance of cooperation between Israeli companies and global investors. "We need to listen to one another. We will benefit from what each of us can bring to the table—the experience, the access to those technologies, the access to those entrepreneurs, and the strategies for reimbursement and market entry and penetration," Karah explained. This collaboration is crucial for the sustained growth and success of the medtech market in Israel.

Conclusion

The full recording of the panel can be found in LSI’s resource hub at the link below:

• Israel: Past, Present, & Future of Medtech Innovation in StartUp Nation

The panel discussions showcased the dynamic and innovative spirit of Israel's medical technology industry. The collaborative ecosystem, driven by necessity and bolstered by strategic partnerships and international investment, continues to position Israel as a leader in medical technology innovation. As the global medtech market evolves, Israel's unique approach and relentless pursuit of improvement will undoubtedly play a significant role in shaping the future of healthcare.