In 2022 Global Vision Magazine held the first of a series of talks with industry representatives as part of the Taiwan Biomedical Vision for Innovation Summit.

Development Center for Biotechnology Chairman Twu Shiing-jer said that the National Health Insurance Administration should by default, allocate one to two percent of National Health Insurance premiums towards Taiwan’s biotechnology sector, which will add an estimated NT$8 billion to NT$16 billion in research funding. Chairman Twu also urged the Ministry of Health and Welfare (MOHW) to change its mindset to better foster the development of the biotechnology sector. Instead of being a regulator and quality assurance body, the MOHW should transition to a service provider that fosters growth for Taiwan’s biotechnology sector as a national enterprise.

International Research-Based Pharmaceutical Manufacturers Association (IRPMA) Director Brian Chang recommended that the government take stock of Taiwan’s advantages in digital healthcare and work towards leveraging the advantages to improve everyday life. He recommended that the public health system focus on unmet medical needs such as early diagnosis of acute diseases, personalized medicine and chronic diseases.

Mr. Chang also pointed out that annual national expenditure on healthcare represents around 11 percent of Japan’s GDP, 8.1 percent for South Korea, 9.1 percent for the Czech Republic, and 7.6 percent for Slovakia. However, healthcare spending only represented 6.2 percent of Taiwan’s GDP. OECD nations in the past two decades recorded more than a 2 percent growth in healthcare spending, while the figure is only around 1.2 percent for Taiwan.

Mr. Chang urged that instead of placing priority on cutting costs, the government should focus on fostering innovation, pursuing specific goals, and expanding investment so that Taiwan’s biotechnology sector can compete on a global level.

[2022-5-19/Global Views Magazine]