Taiwan To Develop Biotech Sector

Taiwan plans to develop a national biotechnology industry, the country's Industrial development Bureau has announced. As a first step, a bio-technology development fund is to be set up to obtain technology and knowhow from overseas. The fund's value will total $100 million, with 75% to be raised domestically and the remaining 25% coming from abroad, said IDB officials.

Initially, the fund will purchase shares in emerging foreign biotechnology companies, with the eventual aim of acquiring production technology or marketing rights. The goal is to secure up to five new products or technologies per year, and a 20% rate of return on fund investments.

Local Firms Slam Hospital Import Purchasing Meantime, domestic pharmaceutical companies have attacked hospitals in the country for continuing to purchase imported drug products, even though these are on average two to 10 times more expensive than locally-produced drugs, and say that this practice is threatening their survival, according to a report in The China Post.