(more information about the study La inversió al sector de la Salut a Catalunya 2024')

Despite a global context in which investment has decreased in 2024, the data from Catalonia reflect a positive trend, as anticipated in last year's study, which predicted a global increase that would be transferred to the local market months later. For its part, according to the Bioregió study, medtech with 131 million euros is the subsector with the most significant increase in 2024, almost tripling the level of 2023. In the same line of growth is biotechnology, with 29 million euros. These have been the areas that have generated the greatest attraction for investment, with figures that have meant increases of 291% and 25% respectively. In contrast, digital health has seen a sharp contraction and investment attraction has fallen by 62%, although investor opinions point to potential growth due to the interest generated in AI.

With regard to geographical distribution, we can see that 57% of the investment captured by companies channelled through R&D is allocated to the sector, with the medtech sector accounting for 65%. Although Catalonia remains the leader, it is important to note that this figure was 74% in 2017. This indicates a growing trend in the territorial diversification of R&D, which is confirmed by the increase in R&D investment at the international level. International expansion is positive, but we must continue to work on R&D incentives and have competitive infrastructures in order to maintain Catalonia as an innovation hub.

By sector, the study indicates that the medical technology (medtech) sector stands out as the segment with the greatest presence of Catalan shareholders, with 91%, a percentage that represents an increase of 2% over the previous year. The presence of Catalan shareholders decreased in biotech companies, where it fell 9 points to 70%, and in the pharmaceutical sector, which went from 74% in 2023 to 42% last year.

The field of oncology, which represents 24.4% of total investment in the sector, deserves special mention. According to the report, last year there was an increase of 6.4%, consolidating this area as one of the pillars of biomedical research, as it has been in first place since 2018. Investment interest and the good dynamics of collaboration between research centres, hospitals and companies have contributed to generating an environment that attracts investors from different fields who have decided to set up hubs of excellence in our country, recognised as a health innovation hub. Secondly, there are infectious diseases, doubling the percentage of the previous year, in line with the promotion of public health policies to tackle future pandemics or resistance to antibiotics.

Overall, 2024 was a year of great capital restraint. Investment in biotechnology fell by 10% to 72,466 million euros, although it continues to demonstrate its attractiveness in attracting funds due to its ability to offer high value-added solutions in advanced therapies. An even greater contraction affected the medtech sector, which last year received 20,908 million euros in investment. The fall was significant in the United States, with a 35.96% drop, while in Europe in this area it only fell by 0.4%.

The need to strengthen gender and talent  distribution: a strategic opportunity

The study also reflects the need to strengthen female leadership in the sector, where 53% of all professionals are women and occupy 44% of management positions, figures that represent a 6% increase compared to the previous year and a move towards parity; but which, compared to 2022, is maintained. This highlights the strategic opportunity that prioritising gender distribution and talent represents. We observe an increase from 6% to 19.9% in staff turnover, the first reason being the change to other companies and the second being that they are looking for opportunities abroad. This is a dynamic of active labour mobility that highlights the importance of talent retention strategies.

Trends  and key areas

The study, which is completed with the conclusions of the investment workshop held among Catalan investment companies, has identified five areas that will influence the future of the sector: the increase in global uncertainty, which will make investment more demanding, prudent and rigorous, focusing on solid, differentiated, resilient initiatives with added value, added value and a clear projection of growth; artificial intelligence (AI) as an engine of transformation, which will generate new opportunities and possibilities for growth in various areas; the area of oncology, which will continue to be one of the most attractive areas for investment; and the geographical diversification of R&D investment at the local level, which will make it necessary to establish measures to encourage Catalonia to remain an innovation hub and one of the centres for business research and development. And finally, advanced therapies, where Catalonia has concentrated knowledge, it is strategic to be able to work on the challenges at the regulatory level of production that these new therapies represent so that Catalonia can take the lead in these areas.

Despite the challenges posed by an unstable global environment, the study asserts that the Catalan ecosystem demonstrated a great capacity for adaptation last year, laying the foundations for a new cycle of growth based on quality, financial sustainability and collaboration.

Forecasts for 2025 point to a scenario marked by investment prudence and new opportunities to deploy disruptive technologies such as those based on AI, personalised medicine and the consolidation of Catalonia as a European regulatory hub, with the aim of accelerating the development of innovative solutions and the scalability of local projects. To consolidate its global leadership in health and life sciences, it will be essential to unblock the healthcare system to boost the adoption of innovation, foster the maturity of start-ups through entrepreneurial talent and experience, the consolidation of flexible regulatory frameworks to consolidate Catalonia as a European sandbox and foster close collaboration between all the actors involved, taking advantage of emerging opportunities such as AI and the expansion of oncology and advanced therapies.

Download the study “Investment in the Catalan health sector 2024”