President Lai Ching-te (賴清德) says he hopes Taiwan’s biotech industry sector would work with the government to leverage the nation’s medical expertise and high-tech strengths to build another industry titan after TSMC. The biotech industry posted record revenue, generating nearly NT$800 billion (US$26 billion) last year.

Lai made the remarks on Tuesday while receiving winners of this year’s Taiwan BIO Awards. He thanked the Taiwan BIO Industry Organization for launching the awards in 2011, saying the program has injected fresh momentum into the biotech field.

This year’s awardees span biotech pharmaceuticals, regenerative medicine, advanced medical equipment, medical AI, agricultural biotechnology, and health food. According to the President, the industry generated a record breaking NT$775.4 billion (US$25.66 billion) in revenue last year. He pledged that the government will continue improving policies and regulations to foster a more competitive business environment.

He acknowledged that the sector has faced pressures in recent years from the pandemic and new U.S. tariff policies. In response, Lai said the government has adopted strategies covering policy, regulation, technology, marketing, and resources, while also refining laws such as the Human Biobank Management Act to improve the process of ensuring the safety and efficiency of medicines and medical devices. 

As a physician, Lai said he understands the challenges facing Taiwan’s health care sector. He noted that the National Development Fund will invest billions of NT dollars into smart health care startups, and urged the industry to keep innovating in partnership with the government to improve public health and strengthen the nation.