Premier backs biomedical industry promotional plans

  • Date: 2017-05-18
  • Source: Department of Information Services, Executive Yuan

Premier Lin Chuan said today that the biomedical industry will play an important role in the nation’s future industrial development. He then asked the Ministry of Science and Technology (MOST) to work in conjunction with the Executive Yuan’s Office of Science and Technology, Ministry of Economic Affairs, Ministry of Health and Welfare, and Academia Sinica to promote the industry based on the previously approved promotional plan for biomedical industry innovation.    

Speaking after a review of progress in promoting the biotechnology and pharmaceutical industries by MOST at today’s Cabinet meeting, the premier also said that draft amendments to the Act for the Development of Biotech and New Pharmaceuticals Industry, Fundamental Science and Technology Act, and the Pharmaceutical Affairs Act, as well as the new draft regulations governing the establishment of a national pharmaceutical review center have all been made priority legislation. He then requested that all government agencies involved fully communicate with the Legislature and push to get this legislation passed during the current session.    

MOST said that as of the end of 2016, 108 of Taiwan’s biomedical industry firms were listed companies, with an aggregate market capitalization of NT$976.1 billion (US$30.2 billion). Total business revenues for those companies in 2016 was NT$186.4 billion (US$5.77 billion), up 21 percent from 2015, with eight firms generating revenues of NT$5 billion (US$154.7 million) or more, and two firms with revenues of NT$10 billion (US$309.4 million) or more. The biomedical industry also saw nine cases of merger and acquisition activity, and there are prospects for continued industry growth spurred by strategic, value and enterprise innovations, MOST said.

MOST also said that biomedical industry promotional efforts are designed to establish Taiwan as a strategic center of the biotechnology and pharmaceutical industries. Research and development efforts are expected to yield 10 new pharmaceuticals and have 40 types of high-value medical devices on the international market by 2020 with an output value and export sales worth NT$650 billion (US$ 21.39 billion). By the year 2025, the domestic industry is expected to develop 20 new pharmaceuticals and have 80 types of high-value medical devices on the international market, creating a trillion-dollar industry with a wide range of quality products.