Premier envisions biomedicine as next trillion-dollar industry

From Executive Yuan 2018-03-15

Premier Lai Ching-te on Thursday said that under the combined efforts of a number of ministries and agencies to promote the biomedical industry, initial successes have come in such areas as research and development of new pharmaceuticals and medical devices, an improved regulatory environment, capital market adjustments, cultivation of talent and the rise of an overall industry ecosystem. The remarks came following a presentation by the Ministry of Science and Technology (MOST) on efforts and progress in the ministry’s promotion of innovation in the biomedical industry.
Following the completion and opening of the National Biotechnology Research Park, ongoing efforts to strengthen industry development should begin with a mission to improve technology research and development together with the enhancement of related knowledge, innovation and the industry itself. Afterwards, as part of efforts to link future development of the industry to the health and care of the nation’s citizens, work related to technologies including precision medicine, specialty treatments and smart medicine should be proactively pursued. Under a grand strategy suited to a small country, Taiwan should also collaborate with international partners in laboring to turn biomedicine into Taiwan’s next trillion-NT-dollar industry.
MOST indicated that the program to promote innovation in the biomedical industry has now yielded international approval for five new locally developed pharmaceuticals, and three new drugs were brought successfully to market in Taiwan in 2017. Additionally, a total of 55 medical devices introduced by Taiwan’s manufacturers went on to win premarket 510(k) clearances from the U.S. Food and Drug Administration, including 37 devices in the high-value segment. With this successful entry into high-end global markets, these local companies are further burnishing the “made in Taiwan” brand.