The Ministry of Science and Technology (MOST), along with the Ministry of Health and Welfare, Academia Sinica, Financial Supervisory Commission and National Development Council, are seeking to create a legal environment and industry hub that help with the promotion of emerging industries. In 2018, the biotechnology sector is estimated to generate revenue of NT$514.1 billion, representing a year-on-year growth of 5.5 percent. As of the end of 2018, Taiwan has 120 listed biotechnology companies, among them 18 have capitalization of more than NT$10 billion. Through its incubation and innovation program, MOST is helping develop a number of promising technologies with the aim of bringing them into clinical studies. At the same time, the Biomedical Industrial Innovation Promotion Program is also mentoring teams overseeing new drug and medical device development. 
Deputy Minister of Science and Technology Shieh Dar-bin said that new drug and new medical device are promising fields with great potential and that biotechnology could be one of the technologies with the most rapid growth and the deepest influence on the course of humanity. As a result, the government hopes to promote biotechnology development to usher in Taiwan’s next-generation industry through cross-departmental collaboration and creating a comprehensive ecosystem, integrating startup hubs, establishing connections to global markets as well as promoting Taiwan’s unique industries, Deputy Minister Shieh said. 
Taiwan has a high-quality and highly educated talent pool, a comprehensive healthcare system and value chain, as well as a gradually maturing ecosystem. Taiwan also has sound protection of intellectual property in place and a legal environment that meets global standards, which all contribute to a greater chance for Taiwanese startups to find opportunities for investment and cross-disciplinary collaborations. 
Taiwan has been successful in terms of attracting foreign companies and startup accelerators, thanks to its startup ecosystem, Deputy Minister Hsieh said, pointing to the National Biotechnology Research Park and the arrival of U.S.-based startup accelerator MassChallenge. In addition, the National Taiwan University Hospital Hsin-Chu Branch has successfully led internationalization efforts of local pharmaceutical companies and helping them connect to the global markets.
【2019-09-19 / DIGITIMES】