The Israel biotech entrepreneur. (Haim Aviv)

Rumanian-born biochemistry professor Haim Aviv is a firm believer in the idea that science is not merely a cultural pursuit, but a practical one that must justify itself financially. After isolating a cattle-growth hormone, he established Bio Technology General in 1980 and since then has been Israel's most prominent, if not only, biotechnology-driven entrepreneur.

Typically, Aviv's companies are founded around a particular project or type of activity. For example, Pharmos, whose U.S. parent company is currently offering shares in New York, is actively engaged in what is called "drug delivery," which has attracted pharmaceutical firms around the world. Research and development of new drugs is an extremely expensive and tedious undertaking that can cost as much as $100 million over ten years, when authorization from government agencies is finally obtained. Pharmaceutical firms have been circumventing this state of affairs by improving on drugs whose patents have expired with the aim of making them more effective and administration more comfortable, as well as lessening side effects.

Focus on Eyes

Currently, Pharmos, which Aviv founded in 1990 with U.S. investor David Blech, is focusing its energy on improvement of eye medicines. Aviv notes that with increased longevity in the western world, the demand for such medicines, particularly eye drops, has soared.

However, eye drops available at present are notoriously inefficient. Approximately 90 percent of drops intended for the eye, drip outside of he ocular region. Therefore, people in need of eye drops must apply them several times a day. This is a nuisance for young people and the elderly often forget. Improving the method of eye drop usage, however, can be much more than a matter of convenience; one particular drug applied externally to alleviate intra-ocular pressure also causes high blood pressure and affects heart activity. As this particular drug is effective for its intended purpose, more efficient usage of it lessens the need for frequent application and thus reduces dangerous side effects.