STSP, home to 73 biomedical firms—55 of which produce medical devices—is playing no small part in that growth. The total revenues of these companies increased 4.6 percent year on year to NT$9.53 billion in 2017, according to Joyce Chou, head of the Industry-Academic R&D Section in the Investment Services Division at the STSP Bureau.
Chou said that a growing number of products from resident firms have been adopted by prominent Taiwan medical institutions such as the affiliated hospitals of Kaohsiung Medical University and National Cheng Kung University in Tainan as well as Shuang Ho Hospital in New Taipei operated by Taipei Medical University.
Tom Lee, chief of the Investment Services Division, attributed this success to bureau initiatives aimed at promoting communication between manufacturers and practicing physicians. The MOST-overseen STSP bureau also operates assistance programs to help resident companies attend trade shows and build relationships with doctors in Southeast Asian markets like Malaysia, the Philippines, Thailand and Vietnam, he added.