(JTA) — The Rambam Health Care Campus in Haifa and Stanford Medicine signed a cooperation agreement to work together on the future of medicine.

The institutions announced Friday that they will cooperate in areas including medical innovation; research in collaboration with Big Data and Machine Learning; cutting-edge drug development; and trauma and emergency preparedness. The announcement came in California during the Stanford Medicine-Rambam Symposium on Planning for the Next Generation, an event where the two institutions explored ways to share resources and collaborate.

Rambam is a regional hospital with 1,000 beds and 130,000 visits to the emergency room annually, and an annual budget of $400 million. Stanford is a 600-bed hospital with 60,000 visits to its emergency room annually and a budget of $7 billion a year.