by
Thomas Dworetzky, Contributing Reporter | September 21, 2018
Medtronic was in the news in July, when it was one of the companies that
received money from the Israeli government for R&D centers in a move that aimed to help establish the country as a major player in biotechnology and medicine.
Israel's minister of economy and industry, Eli Cohen, called the decision by the firms to operate in the country “an important vote of confidence in the state of Israel and the Israeli economy,” according to the Yeshiva World.
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The grants are the latest in a new, six-year, $264 million Ministry of Economy and Israel Innovation Authority program focusing on digital health, and hopes are that it will lead to an increase in intellectual property in the country – and additional tax revenues in the future.
At that time, Medtronic received a $13.8 million grant. It employs about 800 people in Israel and planned to develop a center there focusing on imaging systems for laparoscopic surgery. It also received a $13.8 million grant.
“These R&D centers will bring unique knowledge and experience to the local workforce and will serve as the basis for the continued growth of Israel’s innovation ecosystem and Israeli companies growing here,” said Aharon Aharon, CEO of the Israel Innovation Authority at the time.
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