In this article, we look at the 15 most advanced countries in medicine. You can skip our detailed analysis of the healthcare industry and go straight to our The 5 most advanced countries in medicine.
The recent epidemic was the best reflection of advances in medicine. Vaccines have been developed at such a rapid pace that the first Covid-19 vaccine was approved for emergency use authorization (EUA) just one year after the outbreak.
Developed by the joint effort of two of the most progressive pharmaceutical companies when it comes to R&D – Pfizer Inc. (NYSE:PFE) and BioNTech SE (NASDAQ:BNTX). The first is an American company, while the second is a German company.
Due to the role of the pharmaceutical industry in improving human well-being, it leads to GDP growth through labor productivity and personal spending. Correlation coefficients for this are provable.
The United States, Switzerland, and Norway are some of the most advanced countries when it comes to the field of medicine, with huge spending on healthcare and many cutting-edge pharmaceutical companies and academia.
Medicine is one of the fastest growing fields in the world. They include the pharmaceutical industry, medical schools and hospitals. Healthcare demand is expected to increase due to a variety of factors, such as an aging population and advances in medical technology.
According to KPMG’s Pharma Outlook 2030, there are several trends shaping the pharmaceutical industry for 2030. For example, the free-to-service payment model is increasingly being challenged by end users, hospitals, and insurance agencies. They want to design the pricing model around the success and quality of the product.
One of the most notable results of this is Cigna Corporation (NYSE:CI)’s 2016 value-based earnings shrinkage With Sanofi (NASDAQ:SNY) and Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) and Amgen Inc. (NASDAQ:AMGN) for cholesterol medications, with insurance agencies getting discounts if their treatments don’t adequately reduce cholesterol levels.
It is also likely that advances in big data and machine learning will allow preventive measures to be taken against the emergence of diseases rather than simply curing them. Moreover, machine learning is set to play a pivotal role in drug discovery.
A recent example is AlphaFold, a deep learning model from Alphabet Inc. (NASDAQ:The Google) of DeepMind Corporation. It’s resolved 98.5% From the structures of human proteins, an important leap in drug discovery. Previously, it was a challenge that baffled molecular biologists for half a century.
Major developments are mainly occurring on the academic front of medicine, and artificial intelligence is pervasive in the field. For example, Harvard researchers have created an automated cancer detection system, which uses artificial intelligence to detect breast cancer by examining lymph node cells.
Looking at the trends, AI will largely be an integral field of medicine. Another area that is likely to boost the pharmaceutical industry by 2030 is nanotechnology. In this regard, Novartis, in partnership with Proteus, has developed a smart pill that can be swallowed for diagnostic purposes.
The pharmaceutical manufacturing market is one of the fastest growing in the world. It was valued at $358 billion in 2020 and is expected to reach a valuation of $1.2 trillion by 2030, at a steady compound annual growth rate of 13%. mentioned By search takes precedence.
On the other hand, the drug discovery industry was valued at $75 billion in 2021 and is expected to grow at a CAGR of 9%, reaching $162 billion in the year 2030.
Finally, the hospital industry is expected to be evaluated $2 trillion By 2028, after growing at a compound annual growth rate of 12.5% over the forecast period 2021-2028. It was worth $820 billion in 2021.
Let’s move on now to the 15 most advanced countries in medicine.
For our list of the countries most advanced in medicine, we have ranked them based on three reports. These are the following – Legatum Prosperity Index, 2021And Countries citations in clinical medicineby the Institute for Scientific Information, and CEO of the World Report Of the countries with the best healthcare systems in 2021.
The health ‘substrate’ of the Legatum Prosperity Index measures people’s access to basic and advanced healthcare services. On the other hand, the ISI report is about the number of citations per paper for countries in the field of clinical medicine.
Finally, the CEO-World report is based on a statistical analysis that considers factors such as healthcare infrastructure, government readiness, healthcare professionals, drug quality and more.
We determined the average ranking of the top countries in the three reports. We did not take into account countries that did not appear in more than one report. data for health care spending And Doctors per 1,000 people In the countries listed we have come from the World Bank.
Here are the 15 most advanced countries in medicine:
15. United States
Healthcare Index: 45.62.00
Citations per paper: 13,50,000
Legatum-Prosperity HP: 221.85
The United States is the largest economy, as well as the most technologically advanced country in the world. When it comes to the academic field of clinical medicine, it is the top country in terms of the average number of citations per paper.
Harvard Medical School, Stanford University and Johns Hopkins University are some of the top institutes involved in cutting-edge research, including in the medical field.
On the corporate front, the United States is home to some of the most advanced pharmaceutical companies in the world. These companies include Pfizer Inc. (NYSE: PFE), Cigna Corporation (NYSE: CI), and Amgen Inc. (NASDAQ:AMGN) and Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN). Top hospital companies in the country include HCA Healthcare and Tenet Healthcare Corporation. In 2019, the United States spent 17% of its GDP on healthcare.
Healthcare Index: 71.32.00
Citations per paper: 8.39
Legatum-Prosperity HP: 238.94
Austria is above average in the European Union when it comes to advances in medicine. It has 5 doctors per 1,000 people, and its healthcare spending as a share of GDP was 10.43% in 2019.
Healthcare Index: 65.38.00
Citations per paper: 8.64
Legatum-Prosperity HP: 241.49
France is one of the most prominent countries in Europe. The country has a strong healthcare infrastructure for its citizens. In 2019, France spent 11.06% of its GDP on healthcare, including medical research and development.
Health care index: 67.99.00
Citations per paper: 9.85
Legatum-Prosperity HP: 240.56
Australia is one of the most advanced countries in medicine and healthcare. In 2019, the country spent 9.91% of its GDP on healthcare. It is home to some Larger Hospital companies including Sonic Healthcare Limited and Ramsay Healthcare Limited. The Australian Translational Research Institute is among the best medical research institutes in the world.
Healthcare Index: 64.63.00
Citations per paper: 11.56
Legatum-Prosperity HP: 241.72
Belgium is located in northwest Europe. It spent 10.66% of its GDP in 2019 on the healthcare sector. In the same year, there were six doctors available in the country for every 1,000 Belgian citizens.
Belgium’s corporate health sector consists of companies such as Janssen Pharmaceuticals, which is headquartered in Beerse and owned by Johnson & Johnson. In terms of research and development in medicine, its universities such as the University of Ghent and the Catholic University of Leuven stand out.
Healthcare Index: 46.24.37
Citations per paper: 11,78,001
Legatum-Prosperity HP: 246.23
Sweden is located in the Scandinavian region of Europe. The share of healthcare spending as a percentage of Sweden’s GDP was 10.87% in 2019. There are four doctors for every 1,000 citizens in the country. Its top research institutes in medicine include Karolinska Institutet and Uppsala University. On the corporate end, the country has companies like AstraZeneca.
Healthcare Index: 50.15
Citations per paper: 8.14
Legatum-Prosperity HP: 248.53
Israel is considered one of the most advanced countries in medicine. Healthcare spending in 2019’s GDP was 7.46%, and the country had six doctors for every 1,000 of its citizens.
Tel Aviv University and the Weizmann Institute of Science are among the top research universities in medicine in the country. Israel leads research and development in the field of bioconvergence.
Healthcare Index: 52,25,000
Citations per paper: 11.51.2007
Legatum-Prosperity HP: 244.48
Switzerland is one of the most medically advanced countries in Europe. The Universities of Bern and its affiliated University of Zurich are leading institutions when it comes to medical research and education. The country is also home to Novartis, one of the world’s leading pharmaceutical companies.
Health care index: 59.6
Citations per paper: 12.62
Legatum-Prosperity HP: 244.23
Finland is another Scandinavian country in the list of countries most advanced in medicine. The University of Helsinki and the University of Turku are the two leading institutes for research and development, including in the field of medicine. In 2019, the country spent 9.15% of its GDP on the healthcare sector.
Apart from Finnish pharmaceutical companies, the country also hosts foreign companies such as Pfizer Inc. (NYSE: PFE), Cigna Corporation (NYSE: CI), and Amgen Inc. (NASDAQ:AMGN) and Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN).
Healthcare Index: 77.7
Citations per paper: 5.28
Legatum-Prosperity HP: 250.28
Taiwan is located in Southeast Asia. It has a well-developed healthcare infrastructure, due to its early adoption of modern technologies. Some of the best medical institutes include Taipei Medical University and Kaohsiung Medical University.
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Disclosure: None. The 15 most advanced countries in medicine Originally posted on Insider Monkey.