Former premier Lin Chuan (林全) yesterday clarified that he would not be working to help promote government policies in his new role as chairman of TTY Biopharm Co (台灣東洋藥品).
He said that his efforts would be focused on elevating TTY Biopharm’s profile in international markets, and that success of the nation’s biotechnology sector is not dependent on any single company.
Market observers have been upbeat on Lin’s appointment to the helm of the pharmaceutical company, on expectations that he would work as a proponent of President Tsai Ing-wen’s (蔡英文) “five plus two” innovative industries plan, which includes the biotechnology sector.
As the Executive Yuan is not a regulator of industries, his appointment does not violate conflict of interest rules nor the revolving-door policy for government workers, Lin said at a news conference in Taipei.
“Not every former government worker aims to become a ‘guardian deity’ for businesses as they transition to the private sector,” Lin said.
Amid rapid consolidation among the world’s biggest pharmaceutical companies, Taiwanese biotechnology firms must be able to differentiate and distinguish themselves by specializing in a few chosen fields, he said.
Lin said that he and TTY Biopharm president Clark Hsiao (蕭英鈞) have set their sights on growing the firm’s revenue 10-fold to US$1 billion.
The company reported that sales last year rose 8.8 percent annually to NT$4.09 billion (US$138.39 million), driven by rising shipments of chemotherapy drugs from its contract manufacturing business.
Net income last year rose 7.5 percent annually to NT$1.35 billion, with earnings per share of NT$5.43, setting a new record high, the company said.
TTY Biopharm shares yesterday surged 8 percent to NT$109 before settling at NT$105.50, a 5 percent increase.
Lin’s appointment also spurred on rallies for several other biotechnology stocks during yesterday’s session, dealers said.
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