Health services industry output on rise in Taiwan

2014-11-28

Taiwan’s health and medical care services industry output is estimated to hit NT$26.4 billion (US$854.9 million) in 2014 and climb to NT$65 billion in 2017, according to Hsinchu City-based Industrial Technology Research Institute Nov. 25.

This positive state of affairs is attributed by the ITRI to growing public awareness of health issues and the effectiveness of government promotion policies. The latter includes a four-pronged approach focusing on biotech applications, leisure, medical care and technology.

“Industry advancement hinges on the creation of service value through cross-sector collaboration, customization of user experiences on cloud-based platforms and generation of revenues by developing a multifaceted business model,” an ITRI researcher said at a health industry conference in Taipei City.

“Taiwan boasts a comprehensive and mature industry value chain in the health sector and, supported by an incentive program implemented by the Ministry of Economic Affairs, the nation has built a thriving environment spawning 30 innovative tie-up projects among 75 industry players over the last four years.”

New opportunities created by such initiatives as the Free Economic Pilot Zones are projected to keep the industry’s development on track, with greater government funding earmarked for global promotion undertakings.

“By capitalizing on its innovation capabilities and competitive advantages in this field, Taiwan can further tap lucrative market opportunities in Southeast Asia and mainland China,” the researcher said.

In addition to integrating domestic resources, the researcher suggested setting up an interindustry mechanism to facilitate exchanges and building a modular industry structure for overseas expansion.

“In this way, the government can help lay the foundations for the success of Taiwan’s future forays in international health care.”

Source: Taiwan Today (http://taiwantoday.tw/ct.asp?xItem=224533&CtNode=413)