A wide-ranging development plan targeting Taiwan's biotechnology-based economy is set to kick off next year, according to Premier Mao Chi-kuo Aug. 19.
Focusing on agriculture, biomedicine, food, health care and medical instruments, the 10-year initiative will potentially expand the scale of the local bioeconomy to NT$4 trillion (US$123.2 billion) in 2026.
The premier, who made the remarks at a briefing by the Office of Science and Technology, said that a 2016-implemented action plan will be drafted in September by a Cabinet-level strategic review board.
Complementing the efforts of the Council of Agriculture and Ministries of Economic Affairs, Health and Welfare, and Science and Technology, the new scheme aims to further biotech innovation, internationalization and servitization. It will supersede the existing Diamond Action Plan for Biotech Takeoff and Action Plan for Biotech Industry.
Minister without Portfolio Yan Hong-sen said the two soon-to-finish plans have played a substantive role in boosting Taiwan’s biotech output since their 2009 launch, generating NT$288 billion for health care management, medical instruments and pharmaceuticals in 2014.
“It is expected that the new measures will push this figure to over NT$500 billion in five years,” Yan said, adding that overall production for all five targeted sectors is estimated at NT$3 trillion in 2021 and NT$4 trillion by 2026.
“We have high hopes for the initiative and are confident it will strengthen the biotechnology sector while assisting local businesses bolster competitiveness in the global marketplace.” (YHC-JSM)