EIT Health launches a new InnoStars Assessment of Healthcare Innovation Ecosystem Maturity study to assess the healthcare innovation ecosystems of countries in Central, Eastern and Southern Europe
EIT Health, part of the European Institute of Innovation and Technology (EIT), a European Union body, has just published the first edition of the InnoStars Assessment of Healthcare Innovation Ecosystem Maturity ("InnoStars Innovation Index"), the first of its kind analysis study of the development of selected healthcare innovation ecosystems in Central, Eastern and Southern Europe. The InnoStars Innovation Index will enable stakeholders of an innovation ecosystem in the region to share best practices and learn from each other, while raising their country profiles in Europe and other markets.
According to the study, Portugal has the most mature innovation ecosystem in the region, enjoying favourable conditions for leveraging start-ups from numerous successful incubators and universities. The country also boasts the region's only healthcare unicorn, Sword Health.
Developed by EIT Health, Europe's leading healthcare innovation network, the InnoStars Innovation Index aims to assess the maturity of national innovation ecosystems in ten countries in Central, Eastern and Southern Europe. Israel, an outreach site of the EIT Community, is seen as a reference country due to its success as a global leader in health innovation.
Following Israel is Portugal, the only country ranked as a connector (4). The country has a vibrant and rapidly evolving healthcare ecosystem, enjoying favourable conditions for leveraging start-ups from successful incubators such as Start-up Portugal or the Health Cluster Portugal, as well as from universities with extraordinary momentum in creating spin-offs. For example, the Pedro Nunes Institute and the University of Coimbra (EIT Health's associates and main partners) have established one of the 10 largest incubators in the world, the IPN Incubator, revolutionising the national start-up landscape.
The only Unicorn growing out of the EIT Health Ecosystem in the countries observed is Sword Health, founded in Portugal. Valued at €1.8 billion. Higher than the total valuation of start-ups in all other countries, Sword Health had to be excluded from the Index as it would hide statistical trends and make comparisons difficult.
Portugal: high valuation, only average entry rate
Forty-one companies that participated in EIT Health's accelerator programmes in Portugal were considered among the best in employment and valuation, with an impressive €91 million, far above other countries observed; however, the proportion of startups in the market was only average, at 39%. In terms of Soft Indicators, respondents gave excellent ratings to government support for start-ups, as well as the talent pipeline. However, availability of funding received a mediocre rating.