Medical Technology Innovation Gaining Ground in China, India
While there has been anecdotal evidence that the center of innovation is moving away from the United States, PwC says its report quantifies five factors, using 86 different metrics, to evaluate how well each nation promotes the advance of innovation, looking at the past five years and projecting change over the next decade to 2020.
The Innovation Scorecard ranks the overall capacity of each country on a scale of 1 to 9 with 9 being the highest score. A top-line view of the report finding reveals:
- The U.S. currently holds its position as the global leader in medical technology innovation, and because of decades of innovation dominance, it continues to show the greatest capacity for medical technology innovation. The U.S. currently has a total score of 7.1.
- The scores of the other developed nations (United Kingdom, Germany, Japan, and France) fall in a band of 4.8 to 5.4. Germany and the United Kingdom demonstrate the strongest support for innovation, and Japan the weakest.
- Israel ranks near the level of the European nations, a reflection of its strong capacity to foster innovation.
- China, with its economic growth engine, scores 3.4, ranking it higher than India and Brazil, each of which scored 2.7.
Looking to the future, the United States is expected to continue to lead in medical technology innovation, but also will lose ground to other countries during the next decade. The innovation scorecard also projects relative declines for Japan, Israel, France, the UK and Germany. By contrast, China, India and Brazil are likely to see gains during the coming decade.