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Taiwan's biotech industry more advanced than Korea, Singapore

2012/08/31 18:39:02

Taipei, Aug. 31 (CNA) Around eight types of new drugs developed in Taiwan will be approved by the U.S. Food and Drug Administration in two or three years, surpassing South Korea and Singapore, Legislative Speaker Wang Jin-pyng said Friday.

Sharing the conclusions of a forum held in June on biotechnology policies, Wang said Taiwan has a leading edge in the industry, with 10 newly developed drugs currently undergoing clinical trials.

Although the country has been suffering as a result of the economic slump, the biotech industry has been advancing, making valuable contributions to the country over the past decade, said Wang, founder of the Institute for Biotechnology and Medicine Industry, which chaired the forum that was attended by 1,500 experts.

"It is time for the industry to thrive," he said.

The Legislative Yuan will include new drugs developed in the country to the national health insurance reimbursement system and will also be more flexible when providing sponsorship to the biotech sector.

The government will promote the industry, adjust prices and launch budget allocations within a year, while 10 other polices involving structural changes to the sector will also be realized within three years, he said.

The institute recently sent delegations to China to promote exchanges on clinical trials of drugs used to combat common diseases, which will further enhance medical and health cooperation between the two sides, Wang said.

(By Ho Meng-kuei and Maia Huang)