The Innovation Lab will have a budget of 10 million dollars, will be located in the Rehovot Science Park and will begin operations in 2021. The partners will include the pharmaceutical companies Teva and Merck, as well as the Biotech Fund.
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December 28, 2020 3 min read
This story originally appeared on Alto Nivel
If we talk about big projects for 2021, this is one of the most ambitious. The pharmaceutical companies Pfizer, AstraZeneca, Merck and Teva , in conjunction with the Biotech Fund and Amazon Web Services , will build a Laboratory for Digital Health and Computational Biology in Israel, reported Israeli authorities.
The Innovation Authority and Israel’s National Digital Ministry announced the creation of the Innovation Lab. The budget for the computer lab is 32 million shekels, equivalent to 10 million dollars (about 200 million Mexican pesos). This amount, planned for the next five years, is made up of contributions from partner companies and the Israeli fund.
The powerful group’s proposal was selected in a contest where other projects competed. The new complex will start operations in 2021 and will be located in the Rehovot Science Park, where the Weizmann Institute of Sciences is also located.
The objective of the Innovation Lab will be to support entrepreneurs and startups to start projects related to the health industry. The companies that join the laboratory will receive funding from the Innovation Authority and the National Digital Ministry, which will give impetus to their creations.
“The rapid development of vaccines for the covid-19 virus owes its success in part to the Artificial Intelligence capabilities of leading pharmaceutical companies such as Pfizer and Moderna. These areas are expected to be more significant in the coming years ” , explained the Innovation Authority in a statement published on its official website .
The Innovation Lab will also help entrepreneurs with assistance from lab partners. In addition, they will have access to their scientific knowledge and world experts to develop revolutionary medicines and treatments.
“The purpose of the laboratory is to assist in the establishment and advancement of new startups that develop innovative computational technologies based on Artificial Intelligence and aimed at discovering personalized treatments and solutions ,” the statement concluded.