An estimated NT$165 billion (US$5 billion) will be invested in biotechnology over the next five years, the vice minister of economic affairs said yesterday.
Though some of this money will go to biotech investments overseas, a portion will be used for developing between 100 and 300 new companies in Taiwan. The government hopes the local biotech industry supports 500 biotech-related firms by the end of the decade.
"Increased government spending on biotechnology is part of our bid to develop Taiwan into a Green silicon island," said Yin Chi-ming (
Yin also said that a new biotechnology park would be open in Hsinchu by the end of next year.
Government spending on biotech is expected to rise from of 1.9 percent of GDP today to 3 percent within the next decade.
By comparison, the government believes South Korea's spending in the sector will hit 2.7 percent of GDP over the same period of time, while Japan may reach 3.2 percent.
But not everyone was impressed by the government's projections yesterday.
Hsu Su-ming (
University scientists often work closely with industry on research projects in the West, and many researchers leave academia to head biotech start-ups.
Hsu said that although nearly 50 percent of all scientific papers published in Taiwan are medically related, government funding for further research "is often very difficult to find."
The professor also blasted the private sector, saying funding was too often focused on the development side of a product, with none left over for research. "Research and development are extremely important for biotechnology," he said.
The fact that local university researchers have a difficult time accessing government funds calls into question how much of the NT$165 billion slated for biotechnology development will actually be put to use.
A recent report published by Primasia Securities estimates 60 percent of that figure is government money, while 40 percent is in private hands and will likely be invested in projects overseas.
Hsu called on the government to establish a research university and relax regulations on patent filings and other issues important for the advancement of R&D in Taiwan.
Currently, there are no funds available to help researchers secure patents. Without patents, universities have no way to earn capital for continued R&D.
In the UK, researchers have access to a number of university-sponsored offices and programs to help develop new ideas and bring them to market.
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