McKinsey August 19, 2021
Europe may be catching up with the United States in biotech innovation and funding. Its overall score on the Biotech Innovation Index improved by 20 percent in 2015–17 and 2018–20.
McKinsey’s Biotech Innovation Index assesses innovation and funding in terms of four indicators: discovery (measured in numbers of patents and publications); translation (measured in numbers of new biotech companies and average amounts raised in early-stage financing); growth capital (measured in average amounts raised during late-stage funding and by IPOs and follow-on offerings on public markets); and impact (measured in numbers of products launched).
Europe’s overall score on the index improved by 20 percent in 2015–17 and 2018–20, compared with an improvement of 5 percent in the United States, although the...
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