Tuesday, June 18, 2024
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Taiwan accelerates biomedical industry development

TAIPEI, Taiwan, (Taiwan Today) – Premier Chen Chien-jen said on August 28 that the government is expediting the advancement of the biotech industry to transform it into the next domestic industry to hit NT$1 trillion in production value, according to the Executive Yuan.

Biotech and medical technology are among the sectors targeted by the country’s national development policies including the five-plus-two innovative industries plan and six core strategic industries initiative, Chen said, adding that the EY will integrate resources across government agencies to facilitate the transformation. He made the remarks at the opening ceremony of the 2023 Bio Taiwan Committee in Taipei City.

According to the premier, Taiwan’s robust healthcare system, cooperative populace and proactive epidemic control center enabled the country to successfully contain the spread of COVID-19 while attaining one of the highest economic growth rates in the world from 2020-2022. This goes to show that the economy can only thrive when health is well protected, Chen said.

Taiwan has now topped Numbeo’s Health Care Index for four years running, signaling that its health care system can serve as a role model for other countries, the premier said. Taiwan is further working to enhance its P4 -preventive, predictive, personalized and participatory -medicine, allowing medical professionals to adjust care to suit the unique circumstances of each patient, Chen added.

Chen said a digital system merging all medical data is also in the pipeline to improve health outcomes, adding that the government additionally plans to expand disease and pharmaceutical research, foster more health startups and attract more multinational enterprises to open branches in Taiwan.

The government will continue to support the industry’s development to improve citizens’ well-being while boosting the economy, the premier added.

Unveiled in 2016 by President Tsai Ing-wen, the five-plus-two plan targets the high-growth sectors of biotech, green energy, national defense, smart machinery and Internet of Things, while promoting the circular economy and a new paradigm for agricultural development. The six core strategic industries initiative launched four years later involves the digital and information technology; cybersecurity; medical technology and precision medicine; national defense; green and renewable energy; and strategic stockpile industries.

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