Reported by Huang from Taipei
After being appointed as the President of the IBMI, Chang San-Cheng formed a “small cabinet” in the organization in order to help resolve the problems faced by the biotech industry. The small cabinet includes the academia, professionals from the industry and government officials. They are going to help the biotech industry in Taiwan enter the global market. Chang reckons that the first priorities are to streamline the regulations of business merger, to increase the proportion of investment in biotechnology and to increase the technology budget for product development.
Chang San-Cheng pointed out three major issues currently encountered by the biotech industry in Taiwan, including productivity, industrial strength and talent incubation. He stressed that the IBMI will play a key role in promoting and supporting the biotech industry to achieve President Tsai’s pledge of making the biotech industry in Taiwan a key global player.
Chang expressed that the biotech industry in Taiwan has its strengths and weaknesses. Taiwan has its competitive edges of strong support to the industry, IP protection, government policies and infrastructure. In addition to R&D capacity, stringent policies and regulatory system and good infrastructure, it has created a friendly environment for investment.
However, there are challenges for the biotech industry, for example, how to help the government allocate resources reasonably, how to expand the business scale and how to enter the global market. These are the key factors concerning the future global success of the biotech industry in Taiwan.
To scale up the industry, the government should formulate policies to encourage merger and inward investment. Relevant regulations should be streamlined and updated with a view to promoting investment in the biotech industry. The government should also direct idle funds to the biotech industry by allowing insurance companies and banks to increase the proportion of investment in biotechnology.
Furthermore, it is also important to allocate the resources reasonably. The government should contemplate directing resources into product development so as to expedite clinical development stages and expanding business scales.
Most biotech companies in Taiwan are small and medium businesses. It is difficult to compete with international pharmaceutical companies. What the government can do is to help business merger, give support in sales and marketing and strengthen the link with the global market.
【2016-07-18/ Economic Daily】