15 most advanced countries in medicine
In this article, we take a look at the 15 most advanced countries in medicine. You can skip our in-depth analysis of the healthcare industry and go straight to 5 most advanced countries in medicine.
The recent pandemic was the best reflection of advances in the field of medicine. Vaccines were developed at a breakneck pace, with the first vaccine for Covid-19 approved for Emergency Use Authorization (EUA) only a year after the outbreak.
It was developed by a joint effort of two of the most R&D-forward pharmaceutical companies: Pfizer Inc. (NYSE:PFE) and BioNTech SE (NASDAQ:bntx). The first is an American company while the second is German.
Other major pharmaceutical companies include names like Cigna Corporation (NYSE:IC), Sanofi (NASDAQ:COURT), Regeneron Pharmaceuticals, Inc. (NASDAQ:RAIN) and Amgen Inc. (NASDAQ:AMGN).
Due to the role of the medical industry in improving human well-being, it leads to GDP growth through labor productivity and personal spending. The correlation coefficients for this are demonstrable.
The United States, Switzerland, and Norway are some of the most advanced countries when it comes to the field of medicine, with huge healthcare spending, numerous pharmaceutical companies, and sophisticated academia.
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Medicine is one of the fastest growing fields in the world. It encompasses the pharmaceutical industry, medical schools and hospitals. Demand for healthcare is expected to increase due to a variety of factors, including an aging population and advances in medical technology.
According to KPMG’s Pharma Outlook 2030, many trends are shaping the pharmaceutical industry to 2030. For example, end-users, hospitals and insurance agencies are increasingly questioning the pay-for-service model. They want the pricing model to be designed around the success and quality of the product.
One of the most notable results of this is the value based on the 2016 value of Cigna Corporation (NYSE:CI). contracts with Sanofi (NASDAQ:SNY), Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN) and Amgen Inc. (NASDAQ:AMGN) for cholesterol medications, and insurance agencies receive discounts if their therapies do not lower cholesterol levels sufficiently. enough.
Advances in big data and machine learning are also likely to enable preventive measures against the onset of diseases rather than just treating them. Furthermore, machine learning is also set to play a pivotal role in drug discovery.
A recent example is AlphaFold, a deep learning model from Alphabet Inc. (NASDAQ:GOOGThe subsidiary of ) – DeepMind. It has been resolved 98.5% of human protein structures, a major leap forward in drug discovery. Previously, it had been a challenge that baffled molecular biologists for half a century.
Major breakthroughs are happening mostly on the academic front of medicine, and AI in the field is ubiquitous. For example, researchers at Harvard University have devised an automated cancer detection system, which uses AI to find breast cancer by examining lymph node cells.
Given the trends, AI will very much be an integral field of medicine. Another field that is likely to increase the pharmaceutical industry by 2030 is nanotechnology. In this regard, Novartis, in collaboration 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 worth $358 billion in 2020 and is expected to reach a valuation of $1.2 trillion by 2030, growing at a robust CAGR of 13%, as reported by Precedence Research.
On the other hand, the drug discovery industry was valued at $75 billion in 2021 and is projected to grow at a CAGR of 9%, for $162 billion in 2030.
Lastly, the hospital industry is expected to be valued at $2 trillion by 2028, following growth at a CAGR of 12.5% over the forecast period of 2021-2028. It was valued at $820 billion in 2021.
Now let’s move on to the 15 most advanced countries in medicine.
Photo by National Cancer Institute in Unsplash
Our Methodology
For our list of the most advanced nations in medicine, we’ve ranked them based on three reports. These are the following – Legacy Prosperity Index, 2021, Country citations in clinical medicineby the Institute for Scientific Information, and CEO-World report of the countries with the best health systems in 2021.
The Legatum Prosperity Index’s health ‘pillar’ measures the degree to which people have access to essential and advanced health services. The Institute for Scientific Information report, on the other hand, deals with the number of citations per article for countries in the field of clinical medicine.
Lastly, the CEO-World report is based on a statistical analysis that took into account factors such as healthcare infrastructure, government readiness, healthcare professionals, and quality of medicine, among others.
We have averaged the rankings of the top countries in the three reports. We have not considered countries that did not appear in more than one report. the data for health expenses Y doctors per 1,000 inhabitants in our listed countries comes from the World Bank.
Here are the 15 most advanced countries in medicine:
15. United States
Health Care Index: 45.62
Appointments per article: 13.50
Legatum-Prosperity Health Score: 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 number one country in terms of the average number of citations per article.
Its Harvard Medical School, Stanford University, and John Hopkins University are some of the leading institutes that engage in cutting-edge research, including in the field of medicine.
On the corporate front, the US is home to some of the most advanced pharmaceutical corporations in the world. These include Pfizer Inc. (NYSE:PFE), Cigna Corporation (NYSE:CI), Amgen Inc. (NASDAQ:AMGN) and Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN). Major hospital companies in the country include HCA Healthcare and Tenet Healthcare Corporation. In 2019, the US spent 17% of its GDP on healthcare.
14.Austrian
Health Care Index: 71.32
Citations per article: 8.39
Legatum-Prosperity Health Score: 238.94
Austria is above average in the EU when it comes to advances in medicine. It has 5 doctors for every 1,000 inhabitants and its health expenditure as a percentage of GDP was 10.43% in 2019.
13. France
Health Care Index: 65.38
Citations per article: 8.64
Legatum-Prosperity Health Score: 241.49
France is one of the most prominent countries in Europe. The country has a strong health care infrastructure for its citizens. In the year 2019, France spent 11.06% of its GDP on healthcare, including medical research and development.
12.Australia
Health Care Index: 67.99
Citations per article: 9.85
Legatum-Prosperity Health Score: 240.56
Australia is one of the most advanced countries in medicine and health. In 2019, the country spent 9.91% of its GDP on healthcare. It is home to some of the larger hospital companies, including Sonic Healthcare Limited and Ramsay Healthcare Limited. The Australian Institute for Translational Research is among the world’s leading medical research institutes.
11. Belgium
Health Care Index: 64.63
Citations per article: 11.56
Legatum-Prosperity Health Score: 241.72
Belgium is located in northwestern Europe. It spent 10.66% of its GDP in 2019 in the health sector. In the same year, there were six doctors available in the country for every 1,000 Belgian citizens.
Belgium’s corporate healthcare sector includes companies such as Janssen Pharmaceuticals, which is headquartered in Beerse and owned by Johnson & Johnson. As for R&D in medicine, its universities such as the University of Ghent and the Catholic University of Leuven stand out.
10. Sweden
Health Care Index: 46.24
Citations per article: 11.78
Legatum-Prosperity Health Score: 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 main medical research institutes include the Karolinska Institutet and Uppsala University. On the corporate side, the country has companies like AstraZeneca.
9. Israel
Health Care Index: 50.15
Citations per article: 8.14
Legatum-Prosperity Health Score: 248.53
Israel is one of the most advanced countries in medicine. The percentage of health spending in its GDP in 2019 was 7.46% and the country had six doctors for every 1,000 inhabitants.
Its Tel Aviv University and Weizmann Institute of Science are two of the best medical research universities in the country. Israel leads research and development in the field of bioconvergence.
8. Switzerland
Health Care Index: 52.25
Citations per article: 11.51
Legatum-Prosperity Health Score: 244.48
Switzerland is one of the most advanced countries in medicine in Europe. Its University of Bern and the University of Zurich are two of the institutes on the frontier when it comes to medical research and education. The country is also home to Novartis, one of the world’s leading pharmaceutical corporations.
7. Finland
Health Care Index: 59.6
Citations per article: 12.62
Legatum-Prosperity Health Score: 244.23
Finland is another Scandinavian country on the list of most advanced countries in medicine. Its University of Helsinki and the University of Turku are the two leading research and development institutes, including in the field of medicine. In 2019, the country spent 9.15% of its GDP on the health sector.
In addition to Finnish pharmaceutical companies, the country is also home to foreign companies such as Pfizer Inc. (NYSE:PFE), Cigna Corporation (NYSE:CI), Amgen Inc. (NASDAQ:AMGN) and Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN). .
6. Taiwan
Health Care Index: 77.7
Citations per article: 5.28
Legatum-Prosperity Health Score: 250.28
Taiwan is located in Southeast Asia. It has a highly sophisticated healthcare infrastructure, due to its early adoption of modern technologies. Some of its major medical institutes include Taipei Medical University and Kaohsiung Medical University.
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Disclosure: none. 15 most advanced countries in medicine was originally published on Insider Monkey.