The actions undertaken included:

• By ULL: The creation of the University Institute of Biomedical Technologies (ITB), an interdisciplinary center dedicated to biomedical research, integrating the activities of ULL's teaching and research staff with researchers from Tenerife's two university hospitals.
• By the Tenerife Island Council: The establishment of the Canary Islands Foundation for the Institute of Biomedical Technologies (now the Canary Islands Foundation for the Advancement of Biomedicine and Biotechnology), with the purpose of supporting the management of the institute's projects, promoting innovation and technology transfer, collaborating in fundraising efforts, and stimulating the center's development by following successful models from other regional administrations.

Both objectives were achieved in 2006, and since then, the University and the Island Council have maintained close collaboration. As an example of the integration of both entities in a common project, according to their statutes, the presidency of the foundation's board is held by the head of the Tenerife Island Council, while the vice-presidency is occupied by the rector of ULL, with the foundation's scientific director being the elected director of the ITB.

In 2010, the foundation secured a competitive grant of €8,030,000 from the Carlos III Health Institute, through the Subprogram for the Dynamization of the Research and Technological Environment of the National Health System. This loan, with the commitment of reimbursement by the Island Council, was allocated for the "Construction and development of the Institute of Biomedical Research building."

Additionally, Bioavance has enhanced its role as an innovation and technology transfer facilitator by securing and managing over €2 million in contracts and agreements with the private sector, focusing on biomedical and clinical R&D transfer.