President Tsai Ing-wen launched Bio Taiwan—one of the biggest biotechnology exhibitions in Asia—July 19 in Taipei City, pledging to foster greater public-private sector collaboration in building the country into a global biomedicine leader.
Entrepreneurship, innovation, regulatory reform and support for talent cultivation and technology development are key to unlocking the potential of the industry, Tsai said. These areas will continue to be strengthened via tailored government policymaking and strategic promotion, she added.
The president’s remarks were made before attendees at the annual event organized by Taiwan Bio Industry Organization under the Ministry of Economic Affairs’ Industrial Development Bureau. Running until July 22 at Taipei World Trade Center Nangang Exhibition Hall, the 16th edition of Bio Taiwan involves 600-plus businesses from home and abroad showcasing wares at a record 1,400 booths.
According to Tsai, the government has rolled out a raft of measures aimed at ensuring the success of the sector, including amendments to the Act for the Development of Biotech and New Pharmaceuticals Industry in early 2017 and the launch of the Biomedical Industry Innovation Program in November 2016.
Equally important, Tsai said, the government is leveraging Taiwan’s information and communication technology prowess to develop a broader range of cross-disciplinary products and integrated services. Such innovative solutions will ensure the country is seen as a major player in the region’s emerging and mature markets, she added.
The president said the industry has made great progress since she took office in May 2016, with investment and output particular points of pride. Case in point is Taiwan’s No. 3 ranking among 21 newcomer markets in the 2017 Biopharmaceutical Competitiveness and Investment Survey, she added.
Conducted by Washington-headquartered Pharmaceutical Research and Manufacturers of America, the yearly report also highlights Taiwan’s performances in clinical capabilities, infrastructure and intellectual property protection.
Ministry of Science and Technology statistics reveal that the revenues of Taiwan’s biomedical firms are estimated to have reached NT$488.4 billion (US$16.52 billion) in 2017, up 4.5 percent year on year. These comprise NT$162.5 billion in health and welfare-related products and services, NT$146.3 billion in medical devices and supplies, NT$97.7 billion in biotech applications and NT$81.9 billion in pharmaceuticals.
During the same period, a total of 118 new investment deals injected NT$52.62 billion into the sector, representing an annual increase of 3.3 percent. (SFC-E)
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