Who’s Leading in Biotechnology Investment & Development?
Global biotech financing topped $70bn in 2024, underscoring resilient capital flows into therapeutics, tools, and platforms despite a choppy IPO window. The US remained the largest market for private and public raises, with 28 biotech IPOs globally last year. Biotechgate
On the development side, the United States and China now anchor most late-stage activity. In trials started 2021–2023, the US accounted for 16% and China 13% of all “country-uses” in the global pipeline, reflecting sponsors’ prioritisation of speed, scale, and patient access. In 2024 specifically, Western Europe was the most-utilised region at 28% of global country-uses, though its relative share slipped versus 2019. IQVIA+1
China’s innovation engine has accelerated: the number of “innovative” drugs developed domestically rose from <350 in 2015 to about 1,250 by 2024, surpassing Europe and narrowing the gap with the US—driven by talent repatriation, capital, and regulatory reforms. Allianz Global Investors
The United Kingdom remains Europe’s funding bellwether. UK life sciences companies raised £2.06bn in VC during 2024, amid ongoing big-pharma capital commitments to manufacturing and R&D hubs. Biotech Finance
Israel continues to lead on research intensity, channeling ~5.4% of GDP into R&D—among the highest in the OECD—supporting a prolific pipeline in diagnostics, platforms, and computational biology. OECD
Switzerland, Germany, and France anchor continental Europe’s industrial base and talent, but sponsors report shifting trial footprints and longer study start-up timelines compared with the US and China—one factor behind Europe’s relative share decline in commercial trials since 2018. EFPIA
Singapore and South Korea continue to punch above their weight. Singapore’s coordinated grants, biomanufacturing capacity, and clinical infrastructure keep it on Asia trial shortlists, while Korea’s CDMO strength and oncology focus make it a preferred site for phase 1–2 work (reflected in steady multi-country trial participation). EFPIA
The scoreboard—2024–2025 signals
Capital: US still #1 by deal volume and dollars; Europe mixed but stabilising; China’s domestic markets reopening to biotech listings. Biotechgate+1
Clinical activity: US & China concentrate most country-uses; Western Europe leads regionally but with a lower share vs. 2019. IQVIA+1
R&D intensity: Israel sets the pace on R&D/GDP. OECD
Innovation output: China’s innovative drug count surges, narrowing with the US. Allianz Global Investors
UK funding: £2.06bn VC in 2024 underpins pipeline continuity. Biotech Finance
Bottom line: The centre of gravity in biotech remains transatlantic, but the US–China axis now drives trial starts and asset flow, while Israel’s R&D intensity and UK financing provide European counterweights. Sponsors optimising speed should blend US/China hubs with selective EU, Singapore, and Korea footprints to balance access, cost, and regulatory risk.
