Down the road from me in Jerusalem, a 10-storey high research complex is nearing completion. Its structure may be out of place n the landscape, but the capital’s new biotech research facility will fit in well to its surroundings.

Jerusalem’s Hebrew University has a strong science tradition, dating back nearly 100 years. The city and its satellite towns have attracted a high ratio of academics in recent decades, particularly from Russia, USA and Britain. And the government grants Jerusalem start ups Grade A status in terms of public sector financial support.

What goes in Jerusalem can also be found in other parts of the country. D-Pharm in Rehovot has just raised around US$23 million in a rights and shares offering. Protalix is finishing Phase III trials, edging towards a billion dollar plus market.

If that is not exciting enough, the Office of the Chief Scientist has launched a tender for a National Biotech Fund, projecting to add hundreds of millions of extra investment to the industry.

No downturn here.