Catalonia reaffirms leadership in healthcare innovation with resilient, strategic ecosystem that is a global leader

The healthcare innovation ecosystem in Catalonia has consolidated its place as one of the key drivers of economic and social development in the country. With a solid foundation in science and two decades of steady work, the life sciences and healthcare sector has become the third largest source of wealth in Catalonia, surpassed only by trade and real estate. This can be seen in the 2024 BioRegion of Catalonia Report, the latest edition of the benchmark report on the sector compiled by Biocat since 2009 that was presented recently at an event commemorating its tenth edition .

In fact, the results speak for themselves. With over 1,500 companies, nearly a hundred research institutions (including hospital and university centers) and turnover of nearly €45 billion, this sector makes up 7.6% of the Catalan GDP.

According to Silvia Labé, director of the benchmark report on the sector, “The 2024 edition offers a wide reaching and detailed view of the key indicators of the sector’s evolution, which allows us to come to three main conclusions: firstly, the solidity of the healthcare innovation sector in Catalonia, which has proven to be highly resilient despite the international context; secondly, the commitment to strategic areas that are essential to the future of healthcare, like advanced therapies and artificial intelligence; and thirdly, Catalonia’s leadership in Europe and the world, with growing interest from international investors, new innovation hubs from multinational corporations and a noteworthy place on rankings of excellence in research and participation in clinical trials.” Now we’ll look at the three main conclusions of this study.

A resilient ecosystem in a complex global setting

Catalonia has proven to have an extraordinary ability to sustain, and even grow, its healthcare innovation ecosystem in a global context marked by economic and geopolitical instability. In 2024, startups and scaleups in the sector secured nearly €350 million in investment, the second highest figure ever. Venture capital was particularly noteworthy, investing €278 million (80% of the total), which was significantly more than the previous year. This is mainly down to the renewed confidence of international funds, of which there are now more than 150, mainly investment funds from Europe and the United States.

This growth is mainly due to three large operations, which concentrated nearly 70% of all investment: Impress, with a second megaround of €110 million; INBRAIN Neuroelectronics, with €46.2 million; and foodtech firm Heura, with €40 million. The second source of funding was competitive grants, which with over €55 million (16.25%) once again helped scale up entrepreneurial projects in healthcare.

Looking at the trend in investment by subsector, one standout includes the rebound in medical technology companies, with €176 million (mainly due to the megaround by dental health startup Impress), securing more investment than any other segment. Investment in biotechnology firms, totaling €143 million, was up slightly from the previous year. For its part, with €24 million, digital health dropped nearly 40% from 2023, in line with the results for this segment around the world.

Other key indicators that show the ecosystem’s scalability are the number of investment operations between €4 million and €50 million, which continues to grow; the number of exits (Catalan companies acquired or licensed), which saw an all-time high of 11 this year; and M&A activity (mergers and acquisitions), which was also intense. These results reaffirm the ecosystem’s maturity and scalability, not only withstanding global challenges but continuing to grow and diversify.

Strategic commitment to advanced therapies and artificial intelligence

One of the key factors that explain this success is the commitment to strategic sectors. Catalonia has become a benchmark hub in advanced therapies, with 21 treatments in clinical development and more than 60 active trials in this area, which is 70% of the Spanish total. This figure consolidates Catalonia as a benchmark in this arena, ranked fifth in Europe and eighth in the world in number of clinical trials with participation from Catalan centers.

Seeking to find solutions to the main challenges detected in advanced therapies and to position the BioRegion of Catalonia as one of the main European hubs in this area, the Advanced Therapies Network of Catalonia (ATMP Catalonia), coordinated by Biocat, was launched on June 10, 2024. It is made up of 64 companies and organizations in Catalonia that represent research, production, services and funding to develop advanced therapies.

Catalonia’s big bet is on artificial intelligence for healthcare. The sector’s growing digitalization has made it possible to develop new solutions in personalized medicine, telemedicine, big data and medical imaging. In the region, a total of 155 companies (112 startups and scaleups) are developing this transformative technology that is strategic for the healthcare sector. These 112 startups and scaleups specializing in AI applied to healthcare secured 61% of all venture capital in the sector. By therapeutic areas of application, diseases of the central nervous system and oncology have the most activity and potential for growth.  

Catalonia, European and global benchmark in healthcare innovation

Catalonia’s leadership in healthcare innovation can be seen not only in the investment secured and its commitment to innovative technologies, but also in its ability to attract companies and talent, by drawing international innovation hubs. In recent years, 23 new innovation centers run by multinational corporations have been established in Catalonia, with companies like AstraZeneca leading foreign investment, followed by other significant examples like Towa, Qiagen, Sanofi, Bayer and Boehringer Ingelheim. 

In research, Catalonia is ranked fifth in Europe and eighth in the world in participation in clinical trials, and its centers take part in more than 87% of all active studies in Spain. Oncology continues to be the main area of research, but there has been growth in other sectors like mental health, metabolic diseases and immunology. These results show that Catalonia is a key innovation hub not only in terms of research but also in transferring knowledge through real solutions to improve people’s health.

“The sector’s upward growth continues, and that can be seen in the positive evolution of most of the indicators in this tenth edition of the BioRegion of Catalonia Report compiled by Biocat. Catalonia’s leadership in high impact research in healthcare, the competitiveness of our hospitals and research centers, ability to attract top multinational corporations in the sector and the scalability of our startups and scaleups, among others, have made the BioRegion a European benchmark in healthcare innovation.” And he added, “The goal is clear: to turn scientific advances into real solutions to global challenges that will improve society’s health and wellness,” highlighted Biocat CEO Robert Fabregat.

A 20 year history of looking to the future

The successes of the Catalan healthcare ecosystem are no coincidence. They are thanks to ongoing, strategic work over the past two decades. The BioRegion of Catalonia has consolidated its place as a global benchmark through rigorous planning, collaboration among public and private institutions, and sustained investment in research and development.

As the BioRegion Report shows, the end goal is clear: to transform scientific advances into concrete solutions to global challenges and improve society’s health and wellbeing. Catalonia has the tools, talent and commitment to continue leading healthcare innovation over the coming decades, consolidating its place as one of the top hubs for innovation in the life sciences and healthcare in the world.