France is the leading destination in Europe for foreign investment
(Source: EY Attractiveness Survey and Business France’s Assessment of International Investment in France 2021) and is determined to become the leading destination for scientific talents keen to move abroad.
In just a few years, France has increased the size and number of its businesses exponentially, with growth of +50% in 2021 (compared with 2020, Panorama France HealthTech 2021) that is supported by ambitious public policies. Each startup has an average revenue of €2.3 million. 22 health startups now have more than 100 employees, compared with just 5 in 2016. 75 French HealthTech businesses are listed on Euronext. Their market capitalization increased from €12.9 billion to €16.2 billion in one year (Ibid). In 2021, French HealthTech startups raised a record €2.3 billion!
The €7.5 billion investment announced in the 2030 Health Innovation Plan at the end of June 2021 by French President Emmanuel Macron to make France the leading innovative and sovereign European nation in the health sector, is already bearing fruit.
Because in France the public and the private sectors are moving forward hand in hand. Last year, according to figures put forward by Bpifrance, €832 million in public aid was made available to businesses. University Hospital Centers (CHUs) across the country are working in collaboration with startups. Public and private laboratories are developing innovative solutions together. To gain competitiveness, the Technology Transfer Acceleration Companies (SATTs) are building bridges between academic research and private businesses and startups. The latter are tasked with developing innovations resulting from public research, through an investment fund of €856 million.
Accounting for 53% of partnerships, public research players are the main partners of French HealthTechs. In addition, Technology Transfer Organizations (TTOs) own shares, on average, in 27% of the startups that result from public research (Panorama France HealthTech 2021).
1,900 healthcare players (small and large businesses as well as hospitals and care institutions, universities and local authorities) are supported by 6 innovation clusters spread throughout France (Atlanpole Biotherapies, BioValley France, Clubster NSL, Eurobiomed, Lyonbiopôle and Medicen Paris Region). They are a key interface for national and regional health innovation policies.
Talents from across the globe, France awaits you with open arms!
With the French Tech Visa, the administrative procedure for expatriating to France is made simple for investors, founders and employees of non-European startups. This visa is automatically extended to spouses and any dependent minor children. It is renewable and valid for four years. For more information
To prepare for your move to France: https://www.welcometofrance.com
In the French pharmaceutical industry, the Bourse de l’Emploi du Leem (professional organization of pharmaceutical businesses operating in France; emploi.leem.org) remains the go-to place for finding a job in the sector, with 2,500 job offers listed each month, 400 CVs submitted, and 150,000 monthly visits on average.
The French HealthTech sector comprises around 2,000 businesses and generates more than 10,000 direct jobs. These businesses are growing and expanding internationally. One in 5 businesses has at least one subsidiary abroad. In addition, 6,000 licensing and partnership agreements were signed between 2017 and 2021 by European healthcare players (Panorama France HealthTech 2021).
In 2022, 87% of French healthcare startups aim to recruit a total of 2,000 profiles, mainly in the areas of R&D and production (ibid). These include:
Doctolib, the most highly valued French unicorn and leader in medical teleconsultations in Europe, plans to hire 3,500 people over the next 5 years, in France, Germany, and Italy. To do this it raised €500 million in March 2022.
Another medical teleconsultation platform, Medadom will be expanding its teams by around a hundred people this year.
After raising €150 million in October 2021, the unicorn Dental Monitoring will recruit 400 professionals in France and abroad in the coming years. This startup supports dental professionals in their move to automate and digitize all tasks apart from purely clinical procedures.
The online health insurance platform Alan wants to expand its teams by several hundred employees in Europe in the years ahead, after raising €185 million in April 2021.
In August 2021, the MedTech company Tissium carried out one of the largest fundraising operations in the sector, raising €50 million. A specialist in rebuilding human tissues without sutures or staples, the startup wants to recruit around fifty new employees by 2023.
The deep tech firm Wandercraft, which sells exoskeleton robots that enable paraplegic and myopic people to walk again, is also looking for international talent, a decision that is expected to be consolidated following the €40 million raised in January 2022.
ImCheck Therapeutics designs and develops next-generation immunotherapy antibodies applied in particular to cancer treatment. The biotech is preparing to launch a new round of fundraising and increase its workforce by 12%.
The fundraising rounds by French healthcare players are a reflection of their vitality and investor confidence.
Such as for example the biotech firm Mnemo Therapeutics, an expert in innovative cell therapies for patients suffering from solid and blood cancers, which raised €75 million in June 2021.
Inotrem, which develops new solutions in immunotherapy, raised €56 million in 2020, with additional public funding of €52.5 million.
In January 2021, CorWave managed to raise €35 million for its unique heart pumps.
France’s significant ability in the field of innovation and entrepreneurship, and the country’s high level of education and research were recognized by the latest AmCham-Bain 2022 barometer. 81% of US investors questioned have a positive or very positive view of the innovation ecosystem in France.
Quality of life and the cultural environment are compelling assets that attract foreign talent and will make France the European leader in healthcare innovation by 2030.