In 2002, the government of Taiwan drafted its “Challenge 2008: National Development Plan,” a policy to drive the Taiwanese economy. One of the main cores of the Challenge 2008 Plan was titled the “Two Trillion, Twin Stars” plan. The plan focused on generating production value of two trillion New Taiwan Dollars in the IC and flat panel display industries, and for the promotion of investment in the "twin star" industries of biotechnology and digital content.
The effects of the government plan are now starting to become clear, as biotechnology production value reached US$4.53 billion in 2004, according to the Biotechnology and Pharmaceutical Industries Program Office, a division of Taiwan's Ministry of Economic Affairs.
Biotechnology in Taiwan has a broad definition, covering several different sectors, among them new emerging biotechnologies, production of pharmaceuticals, and also the manufacturing of medical equipment.
Fast growing pharmaceuticals
Research from the Biotechnology and Pharmaceutical Industries Program Office, pharmaceuticals generated the largest production value of Taiwan's biotech industry in 2004 at US$1.88 billion, or 41.5 percent of the total biotech industry.
Statistics from the Industrial Economics and Knowledge Center (IEK) of Taiwan's top research organization, the Industrial Technology Research Institute, showed pharmaceuticals are on the rise again in 2005.
According to the IEK, in the first six months of 2005, production exports of pharmaceuticals rose by 93.8 percent.
Production of pharmaceuticals grew as well. Production of pharmaceutical raw materials, the materials used in the manufacture of drugs, rose by 9.9 percent over the first six months of 2005. Production of traditional Chinese medicine also grew by 7.6 percent year-on-year for the same period.
Taiwan traditionally focuses on production of generic medicines. Taiwanese companies have formed many joint ventures with international giants to advance pharmaceutical technology.
One such venture is Taigen Biotechnology, which is working on developing pharmaceuticals for cancerous, infectious and inflammatory diseases. TaiGen is applying shared molecular development tools to further knowledge of molecular disease targets, which can more effectively treat or stop the problems.
Medical equipment manufacturing
Taiwan also has a very robust medical equipment industry, which generated a total production value of US$1.58 billion in 2004.
Taiwan's medical equipment industry stands out for two related reasons: exports and innovative products. In 2004, 55 percent of medical equipment production was exported, for a value of US$863 million.
The reason for this high export value is attributed to Taiwan's innovation in medical equipment. Taiwan, for example, is one of the world's leading producers of motorized vehicles for the elderly and disabled. These motorized vehicles often incorporate unique, value-added features, such as advanced braking systems or energy-conserving features.
Similarly, Taiwan also manufactures useful health monitoring devices. Taiwan’s strength in IT has overflowed into this area, seeing the production of digital devices, such as the ReadMyHeart Portable ECG, which uses two dry electrodes to measure modified ECG.
New emerging biotech
It is Taiwan’s new emerging biotechnologies sector, however, which may offer the most potential for growth. In 2004, the biotechnology sector generated a production value of US$1.07 billion.
Taiwan's new emerging biotechnologies sector is poised for growth for many reasons. First and foremost, it is because 70 percent of Taiwanese companies in this field are focusing their efforts on human technologies, such as biopharmaceuticals, biochips, and health foods.
Additionally, Taiwan has a great infrastructure, having trained many scientists in the core leading-edge biotechnologies, including genetic engineering, cell engineering, biochemistry, microbiology, nano-biotechnology, and immunology. Taiwan, therefore, will be positioned at the forefront as these fields are further explored.
Identified by the government as a key industry, Taiwan's biotech sector is positioned for ripe growth. With investment flowing in, technologies maturing, and production on the rise, look for this star industry to shoot across the sky in the near future.
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