After speaking with more than 20 senior biotechnicians in Taiwan’s biotechnology industry, The Biotechnician has come up with a list of five major trends that are shaping, molding an impacting Taiwan’s biotechnology industry.
1.Strong Government Support for Biotechnology- The Taiwan government has implemented policies and rules to ensure that its biotechnology, pharmaceutical and medical device sectors are able to compete globally. In other words, the government has made these three industries key priorities.
One of the main goals for the Taiwanese government is to build the biotech value chain. It has made it clear that it wants to create a National Biotechnology Research Park, which is scheduled to be completed by 2016.
Since it is difficult to find private funding for biotechnology companies in Taiwan, the government has made financial support easier to acquire. The 2013 revised action plan for Taiwan’s biotechnology industry encourages the establishment of small and medium biotechnology venture capital fund. The government’s National Development Fund is also directly investing in specific projects.
2. The Opportunity To Work With China-China presents a major opportunity for Taiwanese biotechnology and pharmaceutical firms. China’s large and developing market and its lower production costs are attractive to Taiwanese drug and technology developers. Taiwan is in the position to act as a bridge between China and international companies. The two sides have already signed a medical and healthcare cooperation agreement in 2010, which has increased collaboration on drug and biotechnology research and development.
3. Build Strategic Alliances Across The Globe-As Taiwanese biotechnology firms have been gaining momentum, many of them are becoming more mature and have even begun entering public capital markets to raise funds for growth opportunities. Taiwanese biotechnology firms have been looking for form alliances with large biotechnology and pharmaceutical companies and form relationships with contact research organizations to develop high-end drugs, expand across ASEAN and China. They have been utilizing these relationships to increase their distributions and sales of drugs and medical devices across the globe.