Taiwan ranks amongst the top 25 countries in the world based on GDP and has established itself as a global R&D hub through development schemes like the '5+2 Innovative Industries' initiative - which seeks to harness the island's core ICT strengths. In 2021, Taiwanese companies ranked 3rd globally in terms of R&D expenditure investment, according to KPMG.
One industry leveraging Taiwan's ICT strengths is the biomedical industry. Between 2010-2019, the industry's combined export value more than tripled to reach USD 6 billion, whilst the number of biomedical companies in Taiwan jumped from 1,355 to 2,143, according to the BBC, which highlighted the island's leadership in the global semiconductor industry as a catalyst.
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