US pharmaceutical giant Merck (MSD) recently signed a cooperation agreement with the Chief Scientist of Israel, a deal which will boost Israeli life sciences companies and offer collaboration on joint technology projects.

The Chief Scientist will assist Merck in identifying Israeli companies that are ripe for collaboration then grant financial support for the R&D needed for the joint project. Merck will match the government’s financing either towards a financial investment in the company, or towards equipment development. The intended result is that Merck will boost the Israeli economy and open more marketing channels overseas for Israeli companies.

“MSD is the third global pharmaceutical manufacturer to join the OCS’ global enterprise R&D cooperation program. Collaboration with MSD as well as other pharmaceutical corporations provides the opportunity to initiate further joint projects within the life sciences industry. These collaborations allow Israeli companies to conduct groundbreaking research and development that would not otherwise be possible, in addition to providing the industry in Israel with the opportunity to address the many challenges that exist in the field as well as establishing its place in the global market,” said Avi Hasson, Chief Scientist of Israel.

The Chief Scientist has other agreements with the likes of Intel, IBM, Oracle, GE, Deutsche Telekom, 3M, BD and Finmeccanica. (via Israel21c)

[Photo: Yissum Technology Transfer / YouTube]