Biologics: Drugs of the future
Consumers are increasingly turning to biological drugs because of its almost pinpoint accuracy in treating specific diseases, making it possible for patients to enjoy safe and effective treatments with fewer side effects and a quicker recovery time.
Generating $150 billion in global sales in 2011 and expected to hit $252 billion by 2017, biologic drugs are now on the fast track. Advancements in the development of biopharmaceuticals will not slow down anytime soon, and its growth is expected to overtake that of conventional drugs.
Taiwan takes off
While China, India, and Korea are leading the pack in the Asian region for biologics, Taiwan has also been stepping up its efforts to boost its biologics sector and capture a share of the global market. In 2009, the “Taiwan Biotechnology Takeoff Diamond Action Plan” was launched by the government, with the aim of strengthening the country’s translational research and commercialisation skills, establishing a biotechnology venture capital fund, founding a Food and Drug Administration, and creating an integrated biotech incubation centre.
Two biotechnology clusters have already been built in Taiwan, with the Southern Taiwan Science Park hosting nearly 20 biopharmaceutical companies, and the Hsinchu Biomedical Science Park expected to accommodate 30 biopharmaceutical manufacturers. The government also plans to create an integrated incubation centre, to be developed in a third park and called the National Biotechnology Development Park, which will also contain animal testing, R&D service, and legal information centres.
In January 2010, the Taiwan FDA was created in order to improve the oversight of food and medicines and link the standards of the local biopharma industry more closely with those of the international market. The agency has already developed cooperation programs with other countries to speed up the approval process for many companies in Taiwan. A series of tax breaks have also been established to encourage local and overseas biopharmaceutical entities to invest in Taiwan. Moreover, the government has unveiled the availability of a $1.9 billion biotechnology venture capital fund, which is a bold move to make Taiwan a significant player in the global biotechnology development.
With a strategic location, favourable economic climate, strong government support, technological leadership, and a pool of world-class researchers and experts, Taiwan is poised to become an important and bright spot on the global biologics map.
Biologics World Taiwan
Biologics World Taiwan provides the FIRST and ONLY platform for senior decision-makers who will influence the future of Taiwan’s biologics industry. Taiwanese and international biopharma, biotechs, CMOs, CROs, and solution providers will convene to discuss strategic issues, leverage partnerships, share best practices, and capitalize on the potential of Taiwan’s growing biologics industry.