Research Overview
Taiwanese Biotechnology Industry Needs to Devise Inventive Strategies to Compete Effectively against Foreign Markets
Many countries in the Asia Pacific region have been promoting biotechnology as a promising industry, especially since the global electronics sector has slowed down. Governments in Malaysia, Singapore, Australia, India, South Korea, China, and Taiwan are creating and implementing pro-biotech policies to develop a strong domestic biotechnology hub with export capabilities. In each country, scientists and technology entrepreneurs have collaborated to form biotech-start-ups. Taiwan will have to design inventive growth tactics if it is to keep pace with its neighbors.
This Frost & Sullivan research service provides a comprehensive study of the status of the biotechnology industry in Taiwan. It identifies and discusses major market drivers and restraints, emerging technologies, and industry challenges; provides detailed market forecasts; and maps the relative competitive positions of countries in this region.
Government Support and Favorable Policies Drive Industry Growth
The Taiwanese Government is committed to building a complete biotechnology ecosystem in the country. Taiwans biotechnology industry was initiated with the launch of the Science and Technology Development Plan. "This plan specified biotechnology as one of the eight key technologies to be developed for the economic growth of the country," says the analyst of this research. "Since then, Taiwans biotechnology industry has evolved a complete supply chain capability including agribiotech, biochips, and biotechnology services."
However, biotech research in the Asia Pacific is largely conducted by government labs and universities and research activities are yet to achieve commercialization. Local biotech companies lack the required infrastructure to conduct and commercialize research. Collaborations with government research labs and universities are likely to provide the much needed impetus for the biotech industry.
Skilled Workforce and Collaborations Vital for the Next Stage of Industry Development
Despite the potential of several sectors in Taiwans biotech industry, the shortage of research and development (R&D) as well as human resources hinders the ambitious plans of the government. Due to issues such as the demand for technology transfer, there is increased focus on the recruitment of top-level managers and scientists, import of innovative research equipment, and partnerships with biotech-competent countries. The government has adopted a three-pronged strategy for developing the workforce base – it has started recruiting trained scientists from abroad, strengthening the education program, and relaxing the immigration policy for post-doctoral students.
International collaborations are also crucial for the development of the biotech industry. With accession to the World Trade Organization (WTO) in 2002, Taiwan has gained increased exposure to international practices such as the WTO dispute resolution procedures. Therefore, while biotech companies may face threats from overseas companies, they are also likely to gain greater foreign investment and trade. "Taiwanese enterprises can collaborate with European and U.S. companies and serve as local partners for clinical trials, technology development, and regional marketing," notes the analyst.
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