The 2017 Taiwan International Biotechnology Exhibition (BioTaiwan) was held in grand style from June 29 to July 2 at the Taipei World Trade Center’s Nangang Exhibition Hall. The Taiwan Biotech Industry Pavilion, hosted by the Industrial Development Bureau of the Ministry of Economic Affairs and organized by the MOEA Biotechnology & Pharmaceutical Industries Promotion Office, featured government promotion strategies and measures, tax incentives for new biotech pharmaceuticals industries, promotional plans for biomedical industry innovation, and the R&D accomplishments made by biotech companies receiving assistance under related programs of the Industrial Development Bureau.
The Ministry of Economic Affairs stated that, for the purpose of promoting innovation in the biotechnology industry, the Ministry will strengthen innovative research and development activities in the industry, generating niche biomedical products, advancing systematic and intelligent medical devices, and facilitating the health promotion industry. At the same time, by promoting to emerging markets and implementing the New Southbound Policy, high-quality Taiwanese pharmaceuticals, medical devices and health supplement products can be delivered to the global market to leverage the internationalization of Taiwanese industry.
Taiwan’s biotech industry has seen a 5% growth in business revenues to NT$315 billion in 2016 compared to last year, and it had grown to 1,918 companies employing more than 78,000 as of the end of 2016. Encouraged by the promotion policy and assisted by providing subsidies and incentives, the efforts of all related ministries will accelerate the development of the biotechnology sector to a projected revenue of NT$500 billion in 2020, driving a turnover of NT$10 billion for flagship biotechnology companies, and leading Taiwan to become a biomedical innovation central hub in Asia.