Key Highlights:
- Former Taiwan VP Chien-Jen Chen highlighted the need of leveraging technology, AI, and data analytics to meet healthcare demands at the BIO Digital 2021 event.
- Favorable government efforts, falling costs, rising commercial demand for synthetic biology, and increased R&D funds are the primary drivers of this expansion.
- The APAC region’s demands in a variety of industries provide an excellent potential for biotech startups and businesses to expand.
Biotechnology in APAC
The Asia Pacific biotech industry is anticipated to grow even faster, with a CAGR of 16.8 percent through 2028. Improvements in healthcare infrastructure, supporting government policies, clinical trial services, and epidemiological variables have all contributed to this rapid progress.
Foreign firms are increasingly interested in working with or collaborating closely with local biotechnology firms.
BIO Digital 2021, the world’s largest biotech partnership and education event was recently hosted in Taiwan. It was supported by the Taiwanese government and highlighted novel, locally created cancer medicines and cell treatments. This has piqued the interest of major pharmaceutical companies such as Eli Lilly, Johnson & Johnson, and Merck, among others.
APAC Biotech Market
For quite some time, the APAC area has seen a lot of fascinating moves and investments in the biotechnology sector. At the Australia-Taiwan Clinical Trial and Biomedical Forum 2020, Australian and Taiwanese officials emphasized how collaboration between the two nations has produced good and potential commercial and output-related outcomes.
According to Grand View, favorable government efforts, falling sequencing costs, increasing market demand for synthetic biology, and increased R&D spending by the public and commercial sectors are the major drivers driving this rise.
As Southeast Asia’s (SEA) rising economies expand fast, so will its population’s consumption requirements. This might drive SEA to make it easier to create biofuels, which are alternative energy sources that rely on biotechnology for development and manufacturing.
Biofuels have the potential to significantly reduce nations’ carbon footprints and hence their influence on the climate. Vietnam, a predominantly agricultural but fast-developing SEA economy, promised in 2020 to create cleaner, greener, and more sustainable smart energy resources as part of its smart city ambitions.
Furthermore, the requirements of the APAC area across many industries provide a good opportunity for biotech startups and businesses to strive for growth, support, and create powerful APAC biotech ecosystems.
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