Updated on 5 November 2012
The initiatives will enhance Taiwan's international competitiveness and help Taiwan's products find appropriate markets
Singapore: Taiwan has pinpointed five focus areas to boost its medical devices industry. The industry, which generated nearly $3.4 billion (NT$100 billion) in 2011, is expected to expand seven percent in 2012 and despite weak global economic growth.
The Ministry of Economic Affairs (MOEA) of Taiwan is taking initiatives to promote backbone enterprises in the industry. The ministry's Industrial Development Bureau (IDB) organized the two-day MEDiT 2012 with the aim of assisting local medical device companies to forge inroads into emerging Eastern European markets and to forge collaborations with international pharmaceutical heavyweights, thereby creating blue ocean opportunities.
Vice Minister of Economic Affairs Woody Tyzz-Jiun Duh commented that his ministry has identified five areas to form industrial clusters and develop high-end brand name products. The focus areas are kidney dialysis care, respiratory care, in vitro diagnosis technology, minimally invasive surgery and high-end dental technology.
The initiatives in this regard will enhance Taiwan's international competitiveness and will help Taiwan's high quality, but reasonably priced medical device products find appropriate markets. In addition, Taiwan will become an important supplier of key components and in the process become part of the global supply chain, which will create even more business opportunities.
Dr Shau Yio-wha, director of ITRI's Biomedical Technology and Device Research Laboratories, aid Taiwan's producers of medical devices already offer products with outstanding technology and quality. Given huge opportunities in the emerging markets of Eastern Europe, such as Russia and Poland, which are presently replacing older devices, Taiwan is poised to fill the demand with its top quality, but reasonably priced products. Dr Shau added that MEDiT 2012 offered a platform for interaction with international medical device heavyweights to help local firms enter those markets.
Dr Shau also stated that Taiwan has long been recognized for its expertise in testing medical devices, and in the future it is poised to play an important role this field in conjunction with the development of new medicines.