Biotechnology Takeoff Action Plan
- Strengthen the role of "industrialized R&D" in the industry supply chain: Led by the Ministry of Economic Affairs, the plan will see research foundations (such as the Development Center for Biotechnology and the Industrial Technology Research Institute) boost their ability to support industry R&D (e.g. transnational research for pharmaceutical development and medical device prototyping). This will connect upstream research with downstream vendors to identify opportunities for commercialization and industrialization.
- Biotechnology venture capital: Led by the Council for Economic Planning and Development, the government will work with private capital to invest in local research projects that offer high potential returns. This will help promote phased development and risk amortization.
- Supra incubator center: Led by the National Science Council, this initiative will establish an integrated service platform to provide the capital, legal intellectual property, technology and management services needed for industry development. The effort will also be supported by the development of medical devices or pharmaceutical oriented biomed/biotech science parks.
- Set up a Food and Drug Administration and establish a regulatory environment compatible with international standards: The Department of Health will establish the Taiwan Food and Drug Administration (TFDA) to better regulate medical products and support the development of related industries. The TFDA will be a modern regulator enforcing review standards based on empirical science. It will promote a more efficient review system and a drug regulatory environment in line with international standards.
- The biotechnology industry in Taiwan enjoys access to quality clinical research, medical systems and production facilities. The government is also actively working to protect intellectual property rights. In the future, the "Biotechnology Takeoff Action Plan" will promote Taiwan as a R&D partner for the international biotech community. International alliances and mutual market recognition will also be promoted along the lines of a "de facto common market" with an emphasis on harmonization of medical regulations. These efforts will help expand the opportunities for the Taiwanese biotech industry.
Investment Benefits and Opportunities
- The six emerging industries will kick off with the biotech industry. Executive Yuan planning calls for the creation of a large biotechnology venture fund that will eventually total 60 billion NTD. The National Development Fund will provide 40% of the fund with the remainder coming from the private-sector. The biotech industry is expected to grow from 130 billion NTD to 260 billion NTD over six years. Biotech parks and industry clusters will also be progressively formed to create another trillion-dollar industry.
- Stimulate the development and localization of the biotech medicine industry and create more opportunities for skilled expertise.
- With the exception of drug regulation being a self-funding program, private investment will be encouraged for other "National Health and Safety Initiative" programs such as blood agents, flu vaccines and serums. The investments will in turn benefit the development of the Taiwanese biotech industry.