Top 20 Countries in Health Innovation in 2024

Shots:

By leveraging high-quality research, PharmaShots brings a meticulously prepared guide to the Top 20 Countries in Health Innovation
Using quantitative and qualitative analysis of several aspects encompassing healthcare innovations, PharmaShots dedicatedly navigated the core focus areas of innovations in healthcare while considering trending practices like the infusion of AI and ML
The United States of America ranks 1st on our list, followed by Japan and Australia

Introduction

In this 2024 reprise of healthcare innovation, we bring a comprehensive analysis of countries working unwaveringly to infuse new-age technologies and innovative practices in their respective healthcare domain. In this illuminating analysis of the Top 20 Countries in Healthcare Innovation of 2024, our analysts at PharmaShots devotedly navigated the aspects of innovations that shape the healthcare structure of a country. Exploring beyond the traditional parameters that constitute innovation in healthcare, PharmaShots incorporated a holistic approach to the practices using an amalgam of next-generation IoTs like generative AI, and advanced platforms for drug discovery predominantly used in countries to infuse innovation in healthcare.

In 2023, Katalin Karikó (Hungary & US) and Drew Weissman (US) received Nobel Prize in Physiology or Medicine for discoveries related to nucleoside base modifications that enabled the development of effective mRNA vaccines against COVID-19. Whereas, in 2023, Moungi G. Bawendi, Louis E. Brus and Aleksey Yekimov received the novel prize in chemistry for the discovery and synthesis of quantum dots.

In 2024, Nobel Prize in Physiology or Medicine has been awarded to Victor Ambros (US) and Gary Ruvkun (US) for the “discovery of microRNA and its role in post-transcriptional gene regulation”. Whereas David Baker (US) & Demis Hassabis, John M. Jumper (DeepMind, UK) for the “computational protein design”

PharmaShots’ went through an extensive analysis in screening and organizing countries, based on population, their GDPs, and R&D expenditure allocated to the healthcare sector. Moreover, our research analysts listed out countries, based on major healthcare updates to sort countries based on parameters like flexibility, and willingness to transform when exposed to new technologies.

Quantitative Analysis

Medical Infrastructure & Professionals: Countries with a significant number of healthcare professionals and bolstered medical infrastructure do exceptionally well in healthcare. We ranked 193 UN member countries based on the number of healthcare professionals and care facilities.
Medicine Availability & Cost: Nations with abundant storage of drugs for domestic patients and users at an affordable rate were sorted and ranked
Research Leaders: The number of leaders indulged in research work outline the innovation of a particular country showcasing a direct relationship between research and enhanced healthcare capabilities of the countries involved
Health Expenditure: Our analysts ranked countries spending the most on healthcare from their GDPs in descending order to find the countries with highest healthcare expenditure

Qualitative Analysis

Government Readiness: Here we navigated the schemes and laws implemented by countries and federal governments to propagate the idea of affordable and universal health among the population
New Drugs Approved: Our research analysts sorted out countries based on the number of NDAs, and BLAs filed in a year in a country
Clinical Trials Initiated: By sorting countries based on the number of ongoing clinical trials helped us screen nations that embrace innovative ideas and offer ways to promote research through lucrative policies strengthening pharma companies and universities

You can reach us for Quantitative data which was used to rank these countries at connect@pharmashots.com with a subject line “Innovative Countries”

Ireland being the third largest island in Europe receives a total score of 21 owing to its exceptional performance in medical infrastructure and affordability
In 2023, Ireland spent 6.6% of its GDP on healthcare, compared to 6.06% in 2022. The budget allocated in 2023 was the highest in the healthcare history of Ireland
As a step towards universal healthcare, Ireland enhanced the capacity and affordability of healthcare for the public. In 2023, the government announced to develop 6 new surgical hubs

Brazil holds the 19th position among the countries with the most innovative healthcare system with a total score of 21 owing to its strengthened medical infrastructure and advanced professional competency
Brazil is the largest healthcare market in Latin America and contributes up to 9.47% of its GDP to healthcare in 2023
Brazil performed at par in the set criteria, including government readiness. In 2023, the Brazilian government announced the allocation of $200M for the development of a digital healthcare system to boost informatics and accessibility

France scores a total of 21 on PharmaShots' scoring card and ranks 18th among the countries in healthcare innovation apparent to its contribution to research and clinical trials
In 2023, France spent approximately 11.9% of its GDP on healthcare which is the highest among the EU countries
France performed well in the listed criteria but received low points in government readiness. In 2023, the French government launched a digital health program with funding of $65M

Taiwan ranks 17 in our list with a total score of 22 on account of its remarkable medical infrastructure and accessibility
In 2023, Taiwan spent 3.7% of its GDP on healthcare to enhance infrastructure and drug availability
Taiwan scored well in various aspects, including government readiness though it scored slightly low in research publication amounting to a total of 22 points. In 2023, the Taiwanese government allocated $9.7M for a one-year expanded telemedicine trial program

Russia maintains the 16th position same as last year in medical infrastructure, accessibility, and affordability, with a total score of 22
The Russian government spent 7% of its GDP on healthcare. Russia reallocated the healthcare budget from dozens of its territories to restore and build hospitals in the occupied regions of Ukraine in 2023
Russia scored highest in government readiness and lowest in research publications. The scoring in other criteria remained uniform. The Russian ministry announced the opening of various healthcare facilities to bring reform and development in 2023

Israel holds the 15th position with an overall score of 22 owing to its well-established medical infrastructure and competent healthcare professionals and scientists.
In 2023, Israel spent 7.3% of its GDP on healthcare, approximately the same as the previous year's spending
Israel scored pretty well in government readiness but lacked in research publication. As of 2023, Israel served as a hub for more than 1500 companies working in the field of medical innovation

With an overall score of 22, Finland ranks 14th on our list showcasing a perfect balance of public and private health systems
In 2023, Finland contributed 9.7% of its GDP to healthcare to develop key areas of healthcare delivery across the nation
With an exemplary performance in government readiness, Finland showed restraint in research publications and interventional trials in 2023. To boost global investment, Finland launched initiatives like “Work in Finland” and “Talent Boost”

Sweden ranks 13th on our list with a total score of 22. The nation did exceptionally well in most of the set criteria
In 2023, Sweden allocated 10.9% of its GDP to Healthcare to enhance core areas of healthcare delivery
In a nutshell, Sweden exhibited a low number of interventional trials initiated in 2023 but scored satisfactory in other domains. To improve accessibility and readiness, the Swedish government announced to issue $193M to increase the number of public beds

With an overall score of 23, Saudi Arabia holds 12th rank among the countries leading in healthcare innovation
In 2023, Saudi Arabia spent 6.37% of its GDP on healthcare. The areas of focus remained the digitalization of healthcare, precision medicine, AI in diagnostics, and telemedicine
Saudi Arabia scored extraordinarily well in the listed criteria and received a complete score in government readiness. The significantly smaller number of trials affected its overall score

With more than 37 novel drug approvals, 422 research publications in over 145 journals, and 415 Clinical trials, South Korea ranks 11th with a total score of 24
In 2023, South Korea allocated 9.9% of its GDP to healthcare, which equates to $84.31B to enhance the overall healthcare delivery across the provinces
South Korea performed at par in all the domains, including government readiness. The government planned to increase R&D funds and reform regulations to cultivate the bio-health industry in 2023

Italy ranks 10th among the top innovative countries with a total score of 25 and performed exceptionally well in medical infrastructure & professionals and clinical trials
In 2023, Italy allocated 8.4% of its GDP to the Healthcare sector to enhance the overall healthcare capabilities
Italy did pretty well in government readiness but obtained a low score when it came to the number of research papers published. In 2023, the Italian government allocated €125B from the available funds from the National Health Services for the year 2022 among autonomous provinces and other regions of Italy

With a combined score of 26, China stands tall at the 9th position. China performed above par in drug approvals and in investigational clinical trials
In 2023, China spent around 5.4% of its GDP on the healthcare system to boost its healthcare capabilities across its provinces
In 2023, the Chinese government's centralized drug procurement program cut the prices of medicines making medical services affordable and accessible

Denmark ranks 8th on our list with an overall score of 26, exhibiting moderate performance in almost all the set criteria
In 2023, Denmark spent 9.4% of its total GDP on the healthcare system equivalent to its healthcare expenditure in 2022
Denmark did exceptionally well in government readiness in healthcare. In 2023, Denmark's PM announced that the government would use an extra 5 billion Danish crowns ($739M) per year to improve the healthcare system

With a combined score of 26, the United Kingdom ranks 7th in our list performing above par when it came to research papers published in 2023 and GDP spent in the healthcare system
In 2023, the United Kingdom spent a total of 10.9% of its GDP to enhance its healthcare capabilities under NHS
The nation performed moderately in all key areas. In 2023, the government committed £3.5 billion to the future of tech and science

Canada holds the 6th position in our list of innovative countries with an overall score of 27
In 2023, Canada spent 11.2% of its GDP to augment its healthcare capabilities across all the regions
In terms of government readiness, Canada performed above par. In 2023, Canada announced new changes to Canada’s flagship economic immigration program

With a combined score of 27, Germany ranks 5th among the countries leading in healthcare innovation with at-par performance across all the key areas
Germany spent 11.8% of its GDP on enhancing the healthcare capabilities of the country
In comparison to other nations, Germany performed extraordinarily in healthcare readiness. In 2023, India and Germany collaborated to bridge healthcare worker gap

Spain performed exceptionally well in almost every aspect and our set criteria. The country ranks 4th on our list with a total score of 29
In 2023, Spain spent 9.7 % of its GDP to enhance the overall healthcare delivery across the nation
Spain displayed a decent overall score in most of the criteria and performed at par in government readiness in healthcare

Australia ranks third among the innovative healthcare countries with above-par performance in areas, including medical infrastructure & professionals, and medicine availability and cost
In 2023, Australia spent 9.8% of its GDP to enhance the healthcare capabilities of the country's healthcare system
Australia performed moderately well in all the key parameters and exceptionally well in healthcare readiness. In 2023, Australia released its ten-year digital health blueprint, outlining the government's vision for digital health

With a combined score of 30 owing to above-par performance in medical infrastructure & professionals, Japan holds the second position among the most innovative countries in the world
In 2023, Japan allocated 11.4% of its GDP to enhance the nation's healthcare capabilities
Japan performed exceptionally well across all the set criteria. In 2023, Japan launched programs to expand several healthcare domains, including remote medical care

The United States holds the 1st position among the leading innovative countries with a combined score of 32. The United States emerged as a research leader and did exceptionally well in clinical trials
In 2023, the United States allocated 16.5% of its GDP to boost healthcare delivery across the nation
The country scored well in various criteria but scored slightly low in terms of government readiness. In 2023, the government issued a new brief to strengthen its primary care

Criteria