Asian countries dominate the top five
Enterprise Support’s Big Five includes three Asian nations—Singapore, Hong Kong and Malaysia—plus nearby New Zealand. This synergy suggests the region is ready to expand its biotech activities, having already established itself as a great place to do business. When a country is weak in Enterprise Support, it becomes so difficult to start and grow a company there that it diminishes the value of other factors that may be supportive of biotech.
This category consists of four elements. We derived the “business-friendly environment” measurement from Doing Business 2015 (World Bank and the International Finance Corporation). This report surveyed local experts on a synthetic business case—an approach that does present limitations, as it is restricted to a single example 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 is drawn from measurements from the OECD. The “venture capital availability” score comes from an index based on an international survey (Schwab, K. The Global Competitiveness Report, 2015–2016. World Economic Forum (2015)). The last metric, “capital availability,” was derived from the Milken Institute Capital Access Index.
For the past three years, Singapore, the United States and Hong Kong have swapped spots back and forth at the top of this category. This year and last, however, Singapore captured the top spot, followed by the United States and Hong Kong.