We examine the effect of venture capital investments on health sector growth, using a macro sample data from EVCA (now Invest Europe), World Bank, OECD and Eurostat databases covering 23 EU/EEA countries between 2000 and 2019. We follow the system GLS fixed effect and random effect approach, posit and find evidence that VC healthcare investments and age of VC industry increase healthcare sector growth in Europe. Life expectancy (one of the proxy variables for health sector growth) shows increasing trends in Europe. We also find that innovation, financial sector development, macroeconomic variables and healthcare infrastructure significantly increase health sector growth. We conjecture that VC investors may enjoy returns on investments which decipher into social returns to health sector outcomes. Our study makes justification for private-public partnership to support health sector growth. We recommend more funding support and inducement policy models tailor-made to reap benefits from overall health sector growth.

我们使用来自 2000 年至 2019 年期间涵盖 23 个欧盟/欧洲经济区国家的 EVCA（现为 Invest Europe）、世界银行、经合组织和欧盟统计局数据库的宏观样本数据，研究风险资本投资对卫生部门增长的影响。我们遵循 GLS 固定系统效应和随机效应方法，假设并找到证据表明风险投资医疗保健投资和风险投资行业的年龄增加了欧洲医疗保健行业的增长。预期寿命（卫生部门增长的代理变量之一）显示出欧洲的增长趋势。我们还发现，创新、金融部门发展、宏观经济变量和医疗保健基础设施显着促进了卫生部门的增长。我们推测 VC 投资者可能会享受投资回报，这些回报会转化为卫生部门成果的社会回报。我们的研究证明了公私合作支持卫生部门发展的合理性。我们建议提供更多量身定制的资金支持和激励政策模型，以从整体卫生部门的增长中获益。