It takes more than BRICs to build an industry
To cultivate a strong industry of any sort, including biotechnology, one must support businesses. In large part, that means making sure that enough capital exists to fund innovation. Likewise, countries with the most appealing business environments will attract the most biotechnology companies. We measure these characteristics as Enterprise Support.
The Enterprise Support metric consists of an average of four elements. We derived a “business friendly environment” measurement from Doing Business 2014 (World Bank and the International Finance Corporation), which arose from surveys of local experts on a synthetic business case. This approach includes some limitations because it relies on a specific business of a specified size and refers to conducting business in a country’s largest city, with the exception of certain nations, such as China. The “biotechnology venture capital” component was created using measurements from the OECD. The “venture capital availability” score comes from an index based on an international survey (Schwab, K. The Global Competitiveness Report, 2013–2014. World Economic Forum (2013)). We derived the last component, “capital availability,” from the Milken Institute Capital Access Index.
Last year the United States, India and Israel displaced Hong Kong and Singapore to move, respectively, to first, second and third places. This year Hong Kong returns to first place, followed by the United States and Singapore.
Not surprisingly, other affluent nations earn high rankings in this category. For example, two Gulf nations—Qatar and the United Arab Emirates—come out in fifth and seventh, respectively. On the other hand, all of the BRICs nations finish far down the list, with India at 48th place and Brazil in 52nd. Russia did little better, occupying the 43rd spot, while China topped the BRICs, taking 31st place.
Enhanced with a new guidebook and region-specific ratings, the 2016 Scorecard ventures deeper than ever to track down the latest in biotech innovation