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Ripples from the COVID-19 pandemic can be felt across Asia Pacific as investment from foreign firms into the region dropped by 45% from 2019 to 2020, and continued its decline in 2021 to 34%.
Biomedicine is a priority sector for Taiwan. The government has goals to establish Taiwan as the capital of biomedical research and development in the Asia-Pacific region. The country is striving to develop 20 new medicines, bring 80 high-value medical devices to market, and build biomedicine into a trillion-NT-dollar industry by 2025. Tax incentives and other credits will help expand the scale of the biotech and pharmaceutical industry.