Catalonia reaffirms leadership in healthcare innovation with record investment in startups and scaleups, plus general improvement of indicators

The healthcare innovation ecosystem in Catalonia continued its upward trend in 2024, with all indicators showing improvement. Despite the difficult geopolitical and economic context, healthcare startups and scaleups secured nearly €350 million, the second highest figure ever. These and other data confirm the strategic importance of the sector -which ranks third in terms of value added (GVA) and employment in Catalonia-, as stated in the 2024 BioRegion Report, presented today in Barcelona.

Venture capital remains the main source of investment for startups and scaleups, with nearly €278 million (80% of the total). This figure is notably higher than the previous year, thanks in part to renewed interest from international investment firms, of which there are now over 150, mainly from Europe and the United States. In 2024, 75% of private capital in Catalonia included international investment, which is key for pushing up the total volume of the rounds, even though there was one less operation than the previous year (38 in total). 

This growth is due in large part 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.  

The 2024 Report, now in its tenth edition, also analyzes other indicators of macroeconomics and business activity in the BioRegion of Catalonia, showing the sector’s maturity. The ecosystem makes up 7.6% of Catalonia’s GDP and has over 1,500 companies, 90% of which are small and medium sized enterprises (SMEs). Catalonia exports more than 40% and imports more than 32% of Spain’s life sciences and healthcare products, giving it the second largest foreign trade volume in this arena of any autonomous community.

The sector employs more than 280,000 people in Catalonia (7.3% of the working population) and has consolidated its place as one of the most important healthcare innovation hubs in Europe, constantly welcoming new international innovation centers and multinational corporations, mainly in the Barcelona metropolitan area, where 23 new hubs have landed in recent years. This, in addition to the large, solid Catalan pharmaceutical sector, has made Catalonia the focus of nearly half of the pharmaceutical industry in Spain, including companies like AstraZeneca, which led foreign direct investment and job creation for the second year in a row. 

“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.
 

Global benchmark in healthcare innovation and clinical research

Catalonia is among the top ten countries in the world in participation in clinical trials, ranked fifth in Europe and surpassed only by France, Italy, Spain (with Catalan centers taking part in 87% of all active clinical trials in the country) and the United Kingdom. Catalonia is eighth on the global ranking, which is led by the United States and China. By clinical areas, there was strong growth in clinical trials on metabolic diseases, mental health and hematology, while oncology remained the main area of research with 32% of the total, as well as studies on the immune and respiratory systems. The pharmaceutical industry is the main driver of this activity, promoting nearly 80% of all active clinical trials in Catalonia. 

The impact of research on patients can be seen in the sector’s pipeline, with 75 therapies being developed in a wide variety of clinical areas, led by oncology, dermatology and minority diseases. Some 65% of these treatments are in advanced phases (II and III), approaching commercialization and clinical application to benefit the people. This pipeline includes 21 advanced therapies in clinical development, mainly in oncology. These treatments are part of the more than 60 active clinical trials in advanced therapies underway in Catalonia, which is 70% of all of these studies in Spain. 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.

The publication provides a comprehensive view of the ecosystem’s evolution through various key indicators, including the growth of emerging companies, new facilities and initiatives, the ranking of leading Catalan scientists and main advances in research and healthcare. It also features an analysis of strategic business segments for the future of healthcare, such as artificial intelligence (AI) and synthetic biology, and a view of the current and future concentration of life sciences and healthcare hubs in Barcelona, among other significant issues.

According to Silvia Labé, director of the sectoral reference report, “the 2024 edition provides a broad and detailed view of the key indicators in the sector's evolution, allowing us to draw three main conclusions: first, the strength of the health innovation ecosystem in Catalonia, which has demonstrated great resilience despite the international context; second, the commitment to strategic areas that are essential for the future of health, such as advanced therapies and artificial intelligence; and third, Catalonia's leading position on both the European and global scale, with growing interest from international investors, the attraction of new innovation hubs from multinational companies, and a strong presence in rankings that assess excellence in research and participation in clinical trials, among others.” She concludes, “these results are the outcome of well-executed work over the past 20 years.”

The official presentation of the 2024 BioRegion of Catalonia Report will feature a delegation of top representatives from the Government of Catalonia, led by President of the Government of Catalonia Salvador Illa, Catalan Minister of Research and Universities Núria Montserrat and Catalan Minister of Health Olga Pané. For the first time, the event will last all day and include sessions, panel discussions and networking spaces for the more than 800 professionals the event is expected to draw, including industry executives and representatives from research bodies, hospitals, sector stakeholders, the entrepreneurial community, network of investors and experts in healthcare innovation (see program).

This tenth edition of the Report has been made possible thanks to support from Alira Health, Almirall, AMGEN, AstraZeneca, Esteve, Grifols, Johnson&Johnson, Menarini España, Pfizer, Roche and Sanofi, and collaboration from ACCIÓ, Catalonia Health, Farmaindustria, Fenin and the Government of Catalonia. Plus, the presentation will kick off the third Barcelona Health Innovation Week, organized by Biocat and dedicated to innovation, acceleration and technology in the healthcare sector. This initiative features almost 60 activities held by organizations in the BioRegion showcasing the richness and diversity of the life sciences and healthcare ecosystem in Barcelona, which is exactly what the BioRegion of Catalonia Report shows.

Check the 2024 BioRegion Report