Taiwan's '5+2' Innovative Industries Plan prioritises biomedicine. The government approved the Biomedical Industry Innovation Program (BIIP) in 2016 to establish Taiwan as the capital of biomedical research and development in the Asia-Pacific region. Taiwan is harnessing its capabilities in the semiconductor and manufacturing sector to propel the biomedicine sector forward. Thanks to favourable policies and various other initiatives, the biomedicine industry is booming. It's worth noting that Taiwan's biomedical industry comprises four major sectors: applied biotechnology, pharmaceuticals, medical devices and healthcare.
In 2021, Taiwan's biomedical industry reached $23.79 billion in revenue, representing a growth of approximately 17.1 per cent from 2020 ($20.32 billion). While healthcare represents the largest subsector in Taiwan's biomedical industry, with revenue of $7.59 billion in 2021, or 31.9 per cent of the total revenue in this industry, medical devices rank 2nd with revenue of $8.43 billion in 2021 or 35.4 per cent of the total revenue, according to the latest report from the Biotechnology and Pharmaceutical Industries Promotion Office (BPIPO), MOEA (Ministry of Economic Affairs), Taiwan.
BPIPO is the one-stop service window for Taiwan's biomedical industry. It is designed to assist companies in the biomedical industries worldwide. The assistance provided by BPIPO includes financial support, investment promotion, stock listing, R&D collaboration, technology transfer, commercialization, marketing, strategic alliances, and others. Over the past few years, BPIPO has helped Taiwan's biomedical industry obtain investments of more than $1,500 million per year. It has also helped set up around three innovative companies per year.
This story is from the BioSpectrum Asia August 2023 edition of BioSpectrum Asia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the BioSpectrum Asia August 2023 edition of BioSpectrum Asia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
How To Control Indian Diabetes Growth
World Diabetes Day, observed on November 14, reminds us of the growing impact of diabetes on global health and the urgent need for collective action to prevent, diagnose, and manage this chronic condition. In 2024, the theme 'Breaking Barriers, Bridging Gaps' underscores the critical importance of accessible, high-quality diabetes care, especially for underrepresented communities. The Government of India has taken many measures intending to reduce the prevalence of diabetes and alleviate its long-term complications, contributing to a healthier future for all citizens.
HIV Prevention Remains Elusive
On December 1, the world gathers every year to commemorate World AIDS Day, which serves as an important reminder that we must remain steadfast in our commitment to prevent new HIV (Human Immunodeficiency Virus) infections and provide essential services to all people living with HIV globally. In 2024, the 37th World AIDS Day opens with the theme, \"Collective Action: Sustain and Accelerate HIV Progress.\"
Karnataka launches India's first GCC policy
Bengaluru Tech Summit 2024
Innovations in Urological Imaging: Transforming Patient Care in India
Despite advancements in urological imaging, challenges persist in India, particularly regarding cost and accessibility. Government initiatives and public-private partnerships should expand access to imaging facilities. Continued research investment is crucial for developing cost-effective solutions.
How strategic angel investment is driving global expansion in medtech and diagnostics
India has firmly established itself as a key player in the global medtech and diagnostics sectors. With a burgeoning healthcare ecosystem and a growing focus on innovation, the country offers a fertile ground for startups looking to scale their solutions both domestically and internationally. Central to this growth is the role of strategic angel investment, which not only provides financial backing but also offers critical mentorship and strategic direction to help these companies expand their reach.
What's dampening the GLOBAL AMR BATTLE?
Although there have been significant national and worldwide efforts to provide financial incentives for antibiotic research and development, it is still unclear how best to fortify the existing programmes to further spur antibiotic innovation. The incentive programmes in place now are a crucial first step in enhancing the economic viability of antibiotic development. However, it seems like there isn't enough global coordination among all the programmes, which could lead to duplication of effort, funding gaps in the value chain, and the failure to include crucial AMR objectives. Let's dig deeper.
Indian Lifesciences Industry Going Ahead in its Innovation Journey While Navigating Challenges
While India is a hub for biosimilar manufacturing and continues to build its capabilities to manufacture these complex therapeutics, Indian biopharma companies are building R&D capabilities and establishing public-private collaborations and Centre of Excellences (CoEs) to develop innovative biologics and advanced therapeutic modalities like cell and gene therapy (CGT) and mRNA vaccines and therapies, biopharma sector remained robust in 2023, accounting for $53.8 billion (35 per cent of the BioEconomy). The growth was primarily driven by advances in biotechnology, personalised medicine innovations, and an expanding market for biosimilars in 2024.
BioPharma's Transformative & Strategic OUTLOOK 2025
The Indian biopharma industry witnessed notable transformative developments and announcements, marked by innovation, regulatory advancements, and market expansion this year. From achieving global recognition in biosimilars to advancing biomanufacturing capabilities and precision therapeutics, the sector has solidified its role as a key player in the global pharmaceutical landscape. This progress underscores India's strategic focus on leveraging its robust infrastructure, skilled talent pool, and government support to meet the evolving demands of the healthcare industry.
Promega unveils GloMax Galaxy Bioluminescence Imager for illuminating protein dynamics in real time
US-based Promega Corporation, a life-sciences research partner dedicated to providing intuitive tools that empower scientists to innovate, has unveiled the new GloMax Galaxy Bioluminescence Imager.
Singleron and Bioscreen to enhance access to single cell multi-omics solutions for Indian researchers
Singleron Biotechnologies, a leading innovator in single cell multi-omics solutions, has announced a strategic partnership with Bioscreen, a renowned distributor of advanced life science products in India.
