New Southbound Policy Portal

Premier Lai Ching-te is committed to keeping Taiwan’s biomedical industry on the development fast track. (Courtesy of Executive Yuan)

The government is leaving no stone unturned in promoting Taiwan’s biomedical industry and transforming the nation into a global R&D hub for medical devices and pharmaceuticals, according to Premier Lai Ching-te March 15.

Combined efforts of relevant ministries and agencies are fast-tracking industry development and creating numerous opportunities for participants, Lai said. These include capital market adjustments, ecosystem upgrades, regulatory reforms and talent cultivation, he added.

The premier made the remarks following a presentation by the Ministry of Science and Technology on related progress under such initiatives as the Biomedical Industry Innovation Program. Launched in November 2016, the program’s goals include connecting local firms to global markets, integrating clusters and promoting specialized key sectors.

According to Lai, after the National Biotechnology Research Park in Taipei City’s Nangang District comes on line, the MOST should concentrate on improving industry R&D capabilities and spurring innovation. Measures aimed at linking the industry to health care and advancing the well-being of the people must be prioritized, he said, identifying the focus areas of precision and smart medicine, as well as specialized treatment.

Greater emphasis should also be placed on concluding more tie-ups with international partners so biomedicine can become the country’s next trillion New Taiwan dollar industry, he added.

The MOST said real headway is being made in terms of pharmaceutical development, with five new domestically engineered drugs and three medicines hitting the market in Taiwan last year.

In addition, 55 locally developed devices received 510(k) premarket clearances from the U.S. Food and Drug Administration. Of these, 37 were high-value items like dental, ophthalmological and orthopedic materials, as well as those for minimally invasive surgeries.

Lai said the entry of homegrown products into high-end global markets underscores the success of local companies in further bolstering the Made in Taiwan brand. (JSM)