Updated on 4 August 2014
A shutterbug captures Taiwan's Vice President, Mr Wu Den-yih talking to industry leaders at the opening of BioTaiwan's trade show and exhibition
As is true to the nature of this island state, its annual biotech event - BioTaiwan 2014 too, left no stone unturned in welcoming the global biopharmaceutical industry with innocuous excitement.
Over a period of four days in July 2014, Taiwan's biotech sector had planned to unleash innovations and strategies that would awe the visitors. They aspired to woo global giants by promoting Taiwan's potential and its success stories, in a bid that would eventually help the state's biomedical industry reach the $500 billion mark by 2020.
Hosted at the Taipei World Trade Center, the exhibition and a string of conferences and sessions were inaugurated on July 24 by Taiwan's Vice President, Mr Wu Den-yih. He emphasized, "Taiwan's local biotechnology sector is expected to become the next big driver of Taiwan's industrial development. This has been a great year for our biotech sector. A total of 159 new products from 70 firms were approved as of March, with the total sector value reaching US$30 billion (NT$900 billion). I strongly believe that this event will help boost industry output to over a trillion New Taiwan dollars."
Biotechnology driving Taiwan's economy
The resounding word at the opening of the exhibition revolved around how biotechnology had become one of the key drivers of Taiwan's national economy. "Over the years, this event has contributed in the development of Taiwan's biotechnology, helped in rapid expansion of its capital market and has easily outpaced the rest of the world. This year, the focus is rightly on accentuating the importance of Taiwan in the global biopharma industry chain," the Taiwan Bio Industry Organization pointed out at the inauguration.
With this in mind, through the four days, over 700 domestic and international companies displayed their products and services in an exhibition space encompassing 1,200 stalls.