Taiwan's Biotechnology Industry Essay
Taiwan’s Biotechnology Industry
With the IT industry increasingly moving to China, the biotechnology industry has been cited as a potential driver for the next stage of Taiwan's economic evolution. Yet while its credentials are strong, it should not be expected that the Research & Development (R&D) heavy industry to start making positive figures in GDP accounts anytime soon.
However, there is potential for society with the biotechnology industry. For example, in the development of cheaper medicines and food sources that benefit continents, biotechnology could perhaps outstrip even IT in changing the way the world works.
Biotechnology also holds interest for more than simply the …show more content…
Taiwan’s biotechnology companies make everything from new medicines to microchips that can be used in medical diagnosis and research, and Taiwan itself possesses a wide range of strategic advantages in the industry.[viii] These include existing expertise in high technology that is easily transferred to biotechnology, a prime strategic location, highly modern research facilities, abundant capital and a highly educated workforce.[ix] Alongside these advantages, there is substantial support of the industry from the Taiwanese government: “The government places great emphasis on the promotion of the sector” President Ma has said.[x] “It is also one of the six main emerging industries targeted for promotion,” he added.[xi] According to the president, enhancing the R&D capabilities of Taiwan’s medical biotechnology industry is an important goal.
Therefore, understanding Taiwan's potential at the present