Record investment in Catalan health 'start-ups' surpasses the 2022 peak

BarcelonaStartups in the life sciences and healthcare sector in Catalonia, known as BioRegió, are once again positioning themselves as one of the cornerstones of the Catalan economy. Last year, with a record €517 million in investment in start-ups7% above the 2022 peak, and an upward trend in all system indicators that consolidates Catalonia as one of the epicenters of the pharmaceutical industry in Europe.

This is the conclusion of the Catalonia BioRegion 2025 Report, the benchmark study in the life sciences and health sector of Catalonia, which represents 7.6% of the gross domestic product (GDP, the indicator that measures the economic activity of a territory) of the Catalan economy in 1965 and 1966. €48,691 million annually. It represents the third largest economic sector in the country in terms of gross value added and is made up mostly of SMEs (90%), and already leads the European ranking of highly cited publications – known in English as highly cited papers (HCP) – with 1,791 publications from 2020 to 2024.

Foreign direct investment (FDI) was €111 million, well below the nearly €2 billion recorded in the last two years, which soared due to the strategic commitment. In the cumulative total since 2021, FDI has reached €2.382 billion.

Fewer deals, more money

"The health innovation ecosystem in Catalonia continues to advance in its maturity phase: it attracts more private and competitive investment, accelerates the pipeline "This clinical investment reinforces its scientific and clinical research leadership," Biocat CEO Robert Fabregat emphasized at a press conference. The fact is that the €517 million investment in start-ups This represents a 43% increase compared to the previous year, which, along with 2023 (with €257 million), were two weaker years due to the global situation. Of the €517 million, the majority (€328 million) came from venture capital.

While the number of investment deals remained above 40 in the last four years, in 2025 this figure fell to 38, so the increase in investment is due to the larger average size of the deals. In fact, the first five rounds account for 47% of the total raised. SpliceBio (€118 million) stands out as the largest round of the year, followed by Deepull (€50 million) and Qida (€37 million). This investment boost is accompanied by an expanding entrepreneurial ecosystem, with 464 start-ups active and 168 spin-offs created since 2016.

In parallel, competitive public funding has played a key role in exceeding €500 million and reaching a record high: €124.3 million in grants, driven primarily by European funds. By subsector, the biotech It regained its leading position in 2025 with €347 million, driven primarily by SpliceBio's large funding round, representing 68% of the annual total.

Catalonia, leading exporter

Another milestone last year was the recovery of Spain's leading position in healthcare product exports, with €9.165 billion (45.7% of the national total), primarily destined for Switzerland, Germany, France, and the United States. Regarding the US, Robert Fabregat explained that the sector is not dependent on it, as its main market is Europe. The majority of exported products are pharmaceuticals (90.6%), and the leading exporting companies, considered regular exporters due to having exported in the last four years, include Almirall, Esteve, Ferrer, Grifols, Werfen, and Novartis, among others. "Our sector is managing the situation quite well and isn't overly concerned. It's not that it isn't a concern, but the impact is still relatively minor; companies are diversifying their markets. A market like the United States has an impact, but Catalan companies have fairly diversified markets," he noted. In 2025, Catalonia registered 5,768 active clinical trials, ranking fourth in Europe and seventh in the world.

Talent development and research centers

Catalonia has also consolidated its position in 2025 as one of the most competitive environments in Europe for generating highly qualified teams, with a constant flow of 26,000 new graduates each year across undergraduate, master's, and doctoral programs, and a 50-53% female representation. According to the report, this critical mass, along with more than 18,000 research professionals, has been key to attracting over 30 hubs Health-related technologies between 2021 and 2025, and for the projection of more than 8,000 new jobs.

Catalonia has also participated in 297 Horizon projects in life sciences and health from 2020 to 2024, and also ranks first in all of Europe in projects per million inhabitants and second in funding per million inhabitants. As for ERC grants, the most prestigious on the continent, it has accumulated 64 projects and remains among the top European positions per capita.