Socioeconomic Development: Healthcare Growth Opportunities

Despite a subdued economic outlook, 2023 is forecast to remain upbeat for the global healthcare industry, supported by steady emerging market growth, increased post-pandemic health-centric policies, rapidly aging populations in major developed nations, and higher R&D spending. Rapid technological advancements and digital transformation are improving patient outcomes and last-mile access to healthcare. Amid the inflationary pressures, tighter monetary policy environments, and the need for increasing healthcare preparedness, corporations and governments need to invest in technologies and innovative approaches and initiate policy reforms that boost the sector’s long-term performance. Given these conditions, Frost & Sullivan leverages an indexing methodology to track the competitiveness of healthcare markets across the globe annually. The Growth, Innovation, and Leadership Index for Healthcare Attractiveness (GIL-H Index) identifies go-to destinations for healthcare using a robust data-driven approach, whereby countries are evaluated across multiple indicators under the Growth (G), Innovation (I), Leadership (L), and Healthcare (H) pillars. A robust country ranking framework is vital for companies to gain knowledge of untapped markets into which they can expand, generate more revenue, and scale up operations. With corporates building their footprint globally, governments are tasked with showcasing their country’s ability to attract foreign investment, raise income levels, and create jobs. This data-driven tool allows healthcare industry participants to build their go-to country pipeline by evaluating size-related indicators (e.g., population and economic growth) and the country’s innovation ecosystem through skilled labor availability, education expenditure, and patent applications. It also analyzes the business environment through logistics efficiency and political stability. The ranking process uses more than 50 indicators. The 2023 GIL-H Index ranks 117 countries with nominal GDP ($ billion, based on IMF projection for 2019) at or above $20 billion based on their attractiveness. The index generates country rankings, following the assignment of weights to the G, I, L, and H pillars and the specific indicators under them. Selected country profiles highlighting drivers and challenges supplement the data model. Regional classification: • Africa: 19 countries • Americas: 21 countries • Asia-Pacific: 23 countries • Central Asia: 5 countries • Eastern Europe: 19 countries • Middle East: 13 countries • Western Europe: 17 countries Author: Rituparna Majumder