Premier Lin Chuan said today that biomedicine is a key element in President Tsai Ing-wen’s “five plus two” innovative industries policy, and that the administration’s strategic initiatives will require extensive cross-ministry cooperation.
Following a briefing by the Ministry of Science and Technology (MOST) about plans to promote biomedical industry innovation at today’s cabinet meeting, the premier said that amendments to relevant laws such as the Fundamental Science and Technology Act, the Act for the Development of Biotech and New Pharmaceuticals Industry and the Pharmaceutical Affairs Act, as well as a draft bill governing the establishment of a national drug evaluation center have been sent to the Legislature for priority review. He also requested that the competent authorities communicate and coordinate with the legislative caucuses from the various political parties to fast-track deliberations on the above initiatives supporting Taiwan’s biomedical sector.
The MOST proposed four action plans to facilitate biomedical development:
• Enhance the domestic ecosystem: Focus on talent, capital, intellectual property, laws and regulations, resources and topic selection to enhance the capacity for innovation.
• Integrate innovative business clusters: Link clusters of innovative businesses from north to south to form a biotech corridor.
• Connect global market resources: Make good use of Taiwan’s specialties, and promote mergers and acquisitions as well as strategic alliances; employ buyout funds and syndicated loans to purchase high-potential small- and medium-sized international pharmaceutical companies, medical supply companies, distributors and service providers to tap into the global market; use modern mosquito-borne disease control strategies as the foundation of diplomatic cooperation, and promote the development of Taiwan’s public health care and medical services in Southeast Asian countries.
• Promote specialized key industries: Promote niche precision medical services, foster clusters of world-class specialty clinics, and develop industries in the health and well-being sectors.