The medical devices sub-sector performed well in 2007. Total revenue for medical devices was around US$2.3 billion in 2007, up 7.5 percent on 2006.
The United States is the strongest offshore player. International alliances are seen as central to the growth strategies of many Taiwan biotech companies.
Contributing to growth are:
- the commitment of the government to invest in the biotechnology industry
- increasing investment from the private sector
- a large workforce in the life sciences and high-tech industries
- an impressive medical research base
- world-class research institutions
- strong business links to the world, including China
- a stable and liberal business environment.
Getting your product into market
The BioTaiwan conference and exhibition held in Taipei in July every year is worth a visit to get market knowledge and meet potential partners.
A direct introduction from New Zealand Trade and Enterprise (NZTE) is a targeted approach to market entry that is available any time. NZTE will advise clients on appropriate strategies for specific products.
Regulations
Import duty is payable on all biotechnology products imported from New Zealand. They also require import licences.
Please contact New Zealand Trade and Enterprise for advice on conditions applying to individual products.
Opportunities
- The New Zealand biotechnology sector has scope to raise its profile in Taiwan and develop relationships that can lead to opportunities. For material inputs New Zealand exporters are recommended to work with active importers and distributors. Most biotechnology ingredient users prefer working with local parties to source inputs.
- New Zealand has expertise in many sectors targeted for future development, such as ag-bio, nutraceuticals and natural products, bio environmental, health information technology, bio pharmaceuticals and bio medical. There is significant scope for strategic alliances and collaborative research between New Zealand and Taiwan biotechnology enterprises.
- There are strong market prospects for biological ingredient suppliers from New Zealand as there is no biological ingredient manufacturing industry in Taiwan.
- Local production of immunosuppressant drugs, anti-cancer drugs, drugs for kidney disorders and drugs for disorders of the liver and pancreas are low, despite the fact that the ailments treated by these drugs are common in Taiwan. This is an opportunity for New Zealand companies that have raw materials, intermediates or research and development expertise in these areas.
- Taiwan has a strong venture capital industry and an interest in diversifying international investments in growth businesses. Taiwan’s internal and international linkages between investment capital and biotechnology market opportunities are very strong. New Zealand biotechnology companies should see Taiwan not just as a dynamic market in itself but as a potential partner.
- Taiwan is a potential conduit to mainland China markets. Its proximity to the mainland and language, ethnic and business connections position Taiwan as a stepping stone to China markets.
