Taiwan to lift bio-tech sector to US$92 billion output by 2020

TAIPEI - A comprehensive plan to increase the size of Taiwan’s bio economic sector to NT$3 trillion (US$92.1 billion) by 2020 has been unveiled by the Executive Yuan. Covering agriculture, food, health care, medical instruments and pharmaceuticals, the initiative will leverage Taiwan’s advantages in information and communications technology to create cross-industry synergies.

Premier Mao Chi-kuo said biotechnology is set to become a major growth engine of the Taiwan economy in the years ahead.
The five-pronged scheme places equal emphasis on forward-looking innovation and realistic implementation. “In the health care sector, the Government is driving full-scale integration across an array of services through the latest technological developments,” he said. “The objective is to see a tenfold increase in remote care for seniors in five years, boosting related revenues to NT$1.4 trillion.”
This undertaking will be backed by the rollout of value-added ICT-enabled medical instruments, lifting sector output projects to over NT$200 billion by 2020.
Pharmaceuticals are to benefit from advances in health care services as well, Mao said. “The Government is enhancing Taiwan’s presence as a global hub of new medicine R&D and value creation. By promoting vertical integration in the pharmaceutical industry, we expect to generate a production value of more than NT$100 billion in five years, while fostering three world-class flagship enterprises.”
At the same time, Taiwan’s competitiveness in food and agriculture will continue to strengthen in the global marketplace. Through optimization of supply chains and industry environments, the forecast annual output for the two sectors should exceed NT$800 billion and NT$600 billion, respectively, under the five-year plan.
“Given Taiwan’s success in pioneering technological innovations, like big data and Internet of Things, we view cutting-edge biotechnology as providing fresh impetus for the nation’s ICT-based economy,” Mao said. www.taiwantoday.tw (ATI).