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Biomedicine as an NT-trillion-dollar industry


Biomedicine is listed as a priority sector under the "five plus two" innovative industries plan. On November 10, 2016, the government approved the Biomedical Industry Innovation Program to bring even greater health and wellness to the people of Taiwan, and establish the nation as a capital of biomedical research and development in the Asia-Pacific region. Efforts are being directed into four action plans to create links locally, globally and to the future in order to achieve the goals of developing 20 new medicines, bringing 80 high-value medical devices to market, and building biomedicine in Taiwan into a NT-trillion-dollar industry by 2025.

Four action plans

Establishing a comprehensive ecosystem: Taiwan is building the necessary fundamental environment by improving and expanding talent, capital, intellectual property, laws and regulations, resources and research focus. And with Taiwan's entry into the International Council for Harmonisation of Technical Requirements for Pharmaceuticals for Human Use in June 2018, Taiwan will be able to align its drug regulations with international standards and take part in the development of pharmaceutical regulations, all of which will boost standards and promote growth of the industry in Taiwan.

Integrating innovation clusters: Biomedicine research and innovation clusters are being linked into a continuous belt extending from the National Biotechnology Research Park and Hsinchu Biomedical Science Park in the north to central Taiwan and the south, where two additional clusters will focus on specialty medical devices and generic drugs.

Connecting to global markets: Through mergers, acquisitions and alliances, Taiwan can enter markets in countries targeted under the New Southbound Policy and throughout the world. The Taiwan Pharmaceutical Alliance is one such flagship association opening markets abroad.

Promoting key specialty industries: The development of niche and precision medicine, international-level specialty care clusters, and the health and wellness industry is ongoing. Taiwan's participation in the U.S. National Cancer Institute's Cancer Moonshot program is a good example of such efforts, which will promote the sharing of advances among nations and quickly link Taiwan into the global medical research and development supply chain.

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