Israel is set to launch its $275mn Digital Health strategy
The Israeli government has recently revealed its ambitions to invest $275mn in its digital health strategy, which will see the launch of a personalised digital database which will store information of up to nine million citizens in the country.
The country will consolidate its existing digital medical database with one sole database, but will require its citizens to consent to such personal information being available to support the development of new drugs and personalised clinical solutions.
The use of genetics and medical data will further support research and life-science companies through a new initiative, titled the Mosaic project.
Over $170mn is set to be allocated towards the development of essential digital platforms to support researchers, The Jerusalem Post has reported. Approximately $64mn will go towards the support of start-ups. Remaining funds will then support the overhaul of existing regulations to support the implementation of digital health.
The potential to become a leader in the digital health industry is huge for Israel, which presently houses a strong research and development backbone, as well as a significant number of healthcare start-ups specialising in AI, machine learning and medical devices.
Through the mosaic project, healthcare providers will be able to analyse healthcare trends and improve patient care, provide quicker diagnosis of illness and deliver bespoke solutions.
- A treatment for the data and analytics challenge in healthcare
- Amazon is working with AARP to develop new tools for ageing populations
- Google is moving from a “mobile first” world to an “AI first” one within health, CBInsights reports
By working with SAP SE, the country will look to develop and enhance Israeli’s existing digital health capabilities and enable local healthcare start-ups to link with multinational healthcare companies.
“We are making a move of historical significance. We are developing the industries of tomorrow,” said Prime Minister Benjamin Netanyahu in a statement.
“In effect these are the industries of today,” he explained at a recent meeting. “They are based on a combination of three things: Very large databases, artificial intelligence and connectivity.”
“It’s potentially bigger than cybersecurity, which is a huge area. It’s bigger than transportation. This area of digital health is estimated at six trillion dollars,” he added.
“Let’s assume that we get 10% real market out of this potential – [which] in my opinion, is a conservative estimate – that’s a $600bn market.”
“This is a major asset and we want to make it accessible to researchers and developers in order to achieve two things: one is preventive medicine, and the second is personal medicine tailored to each individual.”