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How Taiwan Can Be A Biomedical Hub

 
• By Mainbayar Badarch

Biomedicine is a priority sector for Taiwan. The government has goals to establish Taiwan as the capital of biomedical research and development in the Asia-Pacific region. The country is striving to develop 20 new medicines, bring 80 high-value medical devices to market, and build biomedicine into a trillion-NT-dollar industry by 2025. Tax incentives and other credits will help expand the scale of the biotech and pharmaceutical industry.  

Taiwan
• Source: Shutterstock

Taiwan’s economy ranks 21st in the world, having a gross domestic product valued at $841bn. The annual total output value of the Taiwanese pharmaceutical industry has continued this trend of growth, increasing by 4.1% to NT$82.12bn ($2.6bn) in 2021. The key segments in the Taiwan pharmaceutical market are generics, biologics, biosimilars and over the counter (OTC) medicines. In recent years, the major industries of biological drugs, APIs and the Western medicine preparations have all grown steadily, while traditional Chinese medicine preparations have declined.

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