Taiwan's biotech institute inks MOU with tech firm to speed up digital health development
The document is also aimed at promoting Taiwan's digital health products globally.
The Institute for Biotechnology and Medicine Industry (IBMI) partnered with Microsoft to accelerate the development of healthcare digital tools in Taiwan.
At the Taiwan Healthcare Expo+, IBMI and Microsoft signed the memorandum of understanding (MOU) as the healthcare industry progresses into smart healthcare powered by AI.
"Today, we are excited to announce the collaboration between Microsoft and the research centre for biotechnology and medicine policy leveraging the power of Microsoft Cloud and the data and AI capabilities of Azure," said David Rhew, global chief medical officer of Microsoft, at the Healthcare+ Expo 2023 held in Taiwan, which was organized by IBMI.
"We will work with Taiwan's and healthcare organisations to develop innovative, smart healthcare solutions that address the needs and challenges of Taiwan's healthcare industry," added Rhew.
Under the MOU, it will also help develop digital health solutions and global market entry strategies.
Rhew called for intelligent solutions for high-quality and equitable healthcare.
Data from the government showed that the biotech revenue in 2022 surpassed NT$700b.
Support from government
Taiwan President Tsai Ing-wen also graced the event, boasting the government support for Taiwan's biotech industry. This includes their aim to turn Taiwan into a key hub for innovation in the international biomedical sector.
Tsai also said they recently passed into law the Act for the Development of Biotech and Pharmaceutical Industry came into effect last year.
"This law covers fields such as regenerative medicine, precision medicine, and digital healthcare," said Tsai.
Taiwan also put up the National Biotechnology Research Park and Hsinchu Biomedical Science Park to back innovation in fundamental biotech and medical technology and drive progress in Taiwan's biomedical sector, helping it grow into a new trillion-NT-dollar industry.
A total of 80 medical health institutions and 20 medical associations with more than 2,300 vendors participated in the Healthcare+ Expo this year.