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 detailed analysis of the healthcare sector and go directly to 5 most advanced countries in medicine.

The recent pandemic has been the best reflection of advances in medicine. Vaccines have been developed at a lightning pace, with the first Covid-19 vaccine approved for Emergency Use Authorization (EUA) just a year after the outbreak.

It was developed as a joint effort by two of the most advanced pharmaceutical companies in terms of research and development: Pfizer Inc. (NYSE: PFE) and BioNTech SE (NASDAQ: BNTX). The former is an American company while the latter is German.

Other major pharmaceutical companies include names like Cigna Corporation (NYSE:CI), Sanofi (NASDAQ:SNY), Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN), and Amgen Inc. (NASDAQ:AMGN).

Due to the medicine industry’s role in improving human welfare, it leads to GDP growth through labor productivity and personal spending. The correlation coefficients for this are provable.

The United States, Switzerland and Norway are some of the most advanced countries in medicine, with huge healthcare expenditures, numerous pharmaceutical companies and sophisticated universities.

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Medicine is one of the fastest growing fields in the world. It includes the pharmaceutical industry, medical schools and hospitals. Demand for healthcare is expected to increase due to a variety of factors, such as an aging population and advances in medical technology.

According to KPMG’s Pharma Outlook 2030, many trends are shaping the pharmaceutical industry for 2030. For example, the free payment model is increasingly being challenged by end users, hospitals and insurance agencies. They want the pricing model to be designed around product success and quality.

One of the most important findings of this is the 2016 value-based value of Cigna Corporation (NYSE:CI) contracts with Sanofi (NASDAQ:SNY), Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN), and Amgen Inc. (NASDAQ:AMGN) for cholesterol-lowering drugs, with insurance agencies receiving discounts if their therapies don’t reduce levels enough of cholesterol.

Advances in big data and machine learning are also likely to enable preventative measures against the onset of disease rather than just treating it. Furthermore, machine learning is also set to play a vital role in drug discovery.

A recent example is AlphaFold, a deep learning model from Alphabet Inc.’s (NASDAQ:GOOG) subsidiary, DeepMind. He’s done 98.5% of human protein structures, a major breakthrough in drug discovery. Previously, it had been a challenge that had baffled molecular biologists for half a century.

Major advances are happening primarily on the academic front of medicine, and AI in the field is pervasive. For example, researchers at Harvard University have devised an automated cancer detection system, which uses artificial intelligence to find breast cancer by examining lymph node cells.

Given the trends, AI will largely become an integral field of medicine. Another field likely to boost the pharmaceutical industry by 2030 is nanotechnology. In this regard, Novartis, in collaboration with Proteus, has developed a smart pill that can be ingested 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 projected to reach a valuation of $1.2 trillion by 2030, growing at a solid 13% CAGR, as reported from 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%, a 162 billion dollars in 2030.

Finally, the hospital sector is expected to be evaluated $2 trillion by 2028, after growing at a CAGR of 12.5% ‚Äč‚Äčover the forecast period 2021-2028. It was valued at $820 billion in 2021.

Now let’s move on to the 15 most advanced countries in medicine.

15 most advanced countries in medicine

Photo by the National Cancer Institute on Unsplash

Our methodology

For our list of the most medically advanced nations, we ranked them based on three reports. These are as follows – Legacy Prosperity Index, 2021, Country Citations in Clinical Medicineby the Institute of Scientific Information, and by CEO-World report of countries with the best health systems in 2021.

The health “pillar” of the Legatum Prosperity Index measures the extent to which people have access to essential and advanced health services. The Institute of Scientific Information report, on the other hand, looks at the number of citations per article for countries in the field of clinical medicine.

Finally, the CEO-World report is based on a statistical analysis that takes into account factors such as healthcare infrastructure, government readiness, healthcare workers, and the quality of medicine, among others.

We averaged the rankings for the best-performing countries across the three reports. We have not considered countries that do not appear in more than one report. The data for healthcare expenditure And doctors per 1,000 inhabitants in our listed countries it comes from the World Bank.

Here are the 15 most advanced countries in medicine:

15. United States

Health index: 45.62

Citations 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 best institutions engaged in cutting-edge research, including in the medical field.

On the corporate front, the United States is home to some of the most advanced pharmaceutical companies 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 corporations in the country include HCA Healthcare and Tenet Healthcare Corporation. In 2019, the United States spent 17% of GDP on health care.

14. Austria

Health index: 71.32

Citations per article: 8.39

Legatum-Prosperity Health Score: 238.94

Austria is above the average in the EU when it comes to progress in medicine. It has 5 doctors for every 1,000 people and its health expenditure as a percentage of its GDP was 10.43% in 2019.

13. France

Health index: 65.38

Citations per article: 8.64

Legatum-Prosperity Health Score: 241.49

France is one of the most important countries in Europe. The country has a solid healthcare 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 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 healthcare. In 2019, the country spent 9.91% of its GDP on healthcare. It houses some of the bigger hospital companies including Sonic Healthcare Limited and Ramsay Healthcare Limited. Australia’s Translational Research Institute is among the best medical research institutes in the world.

11. Belgium

Health 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 on healthcare. 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, based in Beerse, and owned by Johnson & Johnson. In terms of research and development in medicine, its universities such as the University of Ghent and the Catholic University of Leuven stand out.

10. Sweden

Health 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 expenditure as a percentage of Swedish GDP was 10.87% in 2019. There are four doctors for every 1,000 citizens in the country. Its top medical research institutes include Karolinska Institute and Uppsala University. Business-wise, the country has companies like AstraZeneca.

9. Israel

Health 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 share of healthcare spending in 2019 GDP was 7.46%, and the country had six doctors for every 1,000 citizens.

Its Tel Aviv University and Weizmann Institute of Science are two of the top research universities in the country for medicine. Israel leads research and development in the field of bioconvergence.

8. Switzerland

Health 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. His University of Bern and the University of Zurich are two of the frontier institutions when it comes to medical research and education. The country is also home to Novartis, one of the leading pharmaceutical companies in the world.

7. Finland

Health 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 main research and development institutions, including in the field of medicine. In 2019, the country spent 9.15% of its GDP on healthcare.

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 index: 77.7

Citations per article: 5.28

Legatum-Prosperity Health Score: 250.28

Taiwan is located in Southeast Asia. It has highly sophisticated healthcare infrastructures, thanks to the rapid adoption of modern technologies. Some of its top medical institutes include Taipei Medical University and Kaohsiung Medical University.

Click to continue reading and see the 5 most advanced countries in medicine. Suggested articles:

Disclosure: None. 15 most advanced countries in medicine is originally published on Insider Monkey.

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