Biomedical plan to fast-track Taiwan for top spot in Asia

TAIPEI – Taiwan’s Executive Yuan has approved expenditure of NT$10.94 billion (US$346.32 million) in 2017 to help  transform Taiwan into a centre of biotechnology and medical R&D in Asia. Overseen by the Ministry of Science and Technology, the plan requires new legislation on foreign investment, overseas talent recruitment, tax breaks and current restrictions on the development and production of experimental medical devices and pharmaceuticals.

It involves establishing a north-south biomedical corridor linking the main campuses of Taiwan’s three science parks - in Hsinchu, Taichung and Tainan cities - to enhance their research capabilities; tapping the international health care market, particularly in countries covered by Taiwan’s New Southbound Policy; and developing precision medicine, specialised clinics and health-related peripheral industries.
Tsai Shaw-jeng, Director-General of Taiwan’s Department of Life Sciences, said the plan has a goal of releasing 80 niche medical devices and 20 new drugs in overseas markets, as well as establishing at least 10 biotech and health-related flagship brands, by 2025.
“Our ambition is to place Taiwan at the forefront of the multitrillion-dollar biotechnology and pharmaceuticals industry in Asia,” he said
The five-plus-two innovative industries initiative is at the vanguard of government efforts to revitalize Taiwan’s economy. It targets the five emerging and high-growth sectors of biotech and pharmaceuticals, green energy, national defense, smart machinery and Internet of Things, as well as focuses on promotion of two core concepts: circular economy and a new paradigm for agricultural development. www.taiwantoday.tw (ATI).