The biotech industry in Europe is on a growth course, the consultancy firm McKinsey writes in a new report. Growth is above all being driven by innovations in the areas of cell therapy, gene therapy, mRNA, and immunotherapies with CAR T-cells.
Improved access to capital
The availability of capital – from both private and public sources – is increasing at a record speed worldwide. European biotech companies are also attracting more and more money. They are catching up with their counterparts in the USA and China in particular with the average late-stage funding. With respect to the availability of skilled workers, the USA is still dominant. However, Europe is catching up in this regard.
Europe is world class for science
Europe is already world class for science. Overall, Europe has a clear lead on China, the USA and the rest of the world when it comes to the quality and quantity of its scientific research. McKinsey highlights that 43 of the world’s 100 leading bioscience universities are located in Europe. This figure is 34 for the USA.
Swiss biotech hub growing strongly
With regard to innovation, large differences can be seen between the individual countries in Europe. The UK, France, and Germany are the three largest biotech centers in Europe and together they make up half of all European biotechs. Meanwhile, the UK, France and Switzerland report the fastest growth and are home to 63 percent of biotech companies established between 2018 and 2020. In other European countries such as Germany, the pace of innovation has remained the same, and in some cases it has even lost momentum.