JERUSALEM, May 14 (Xinhua) -- Israel announced Tuesday to launch a joint healthcare program with the Mayo Clinic, one of the world's leading medical centers based in the United States.

The Israeli Innovation Authority (IIA) said in a statement that the program aims to co-develop, test and pilot important technologies, services and devices that address unmet medical needs.

As part of the program, the IIA called on Israeli companies to submit applications to co-develop and validate healthcare technologies.

Under the agreement, successful applicants from Israel will receive funding directly from the IIA, based on its regulations and procedures, while Mayo Clinic will provide in-kind services and expertise.

In exchange, Mayo Clinic and Israeli companies may agree on equity investment or a revenue share of the products or services developed under the project.

"The agreement signed between global healthcare brands such as Mayo Clinic and the Israeli Authority is a vote of confidence in Israel's startup industry and innovations," said Israel's Minister of Economy Eli Cohen.

"The combination of Israeli innovation and Mayo Clinic's world-class clinical experience, expertise and facilities will enable the creation and development of cutting-edge solutions that could prove instrumental in laying the groundwork for the future of global healthcare," IIA's CEO Aharon Aharon said.

Mayo Clinic, based in Rochester in the U.S. state of Minnesota, has recently launched its Israeli Startup Initiative to promote collaboration between promising Israeli startups and Mayo Clinic innovators.

"The new program will help advance discoveries that will deliver hope and better health to people," said Amir Lerman, medical director of the Mayo Clinic Israeli Startup Initiative.