At the 2025 IBMI Annual Conference, Vice Chairman Yang Pan-Chyr unveiled the “2024 Healthcare and Medical Industry Annual Report,” showcasing Taiwan’s competitive edge across four dimensions: international performance, R&D progress, operational momentum, and investment outlook.

International Performance: Top in multiple global rankings, but scientific impact needs strengthening
Yang Pan-Chyr noted that Taiwan excels in numerous global health indices, ranking first worldwide in CEOWORLD’s Health Care Index, Numbeo’s Healthcare Index, and Numbeo’s Health Care Experience Index, and placing fourth in the Legatum Prosperity Index Healthcare Score. However, international assessments also highlight significant room for improvement in areas such as health-related behavioral risk factors and preventive interventions.

In hospital evaluations, eight Taiwanese hospitals were named among Newsweek’s “World’s Best Smart Hospitals,” ranking 13th globally by count, yet only one made Newsweek’s overall “World’s Best Hospitals” list. Yang attributes this gap to the relatively limited international visibility of Taiwan’s medical institutions, which may hinder global recognition of their overall capabilities.

In the World Index of Healthcare Innovation, Taiwan ranks 15th—leading in the freedom-of-choice indicator but lagging in science and technology metrics. Similarly, only 437 Taiwanese scientists appear in the global top 2% of their fields, placing Taiwan 24th overall. Yang stressed that these figures underscore the need for continued investment in basic research and efforts to amplify Taiwan’s academic influence in health sciences.

R&D Progress: Certifications across four major fields, with patents primarily approved in the U.S.
Taiwan has secured 1,869 medical-related patents in major markets worldwide, led by 347 approvals in the United States. These patents concentrate on medical device configurations, computational algorithms, and biochemistry. Yang emphasized that Taiwan’s strength lies in marrying computational methodologies with biotechnology.

• Small-molecule drugs: 122 candidates are in clinical development, with four international drug approvals and six additional applications pending. Leading companies include TWi Pharmaceuticals, EirGenix, and Dongsheng Huazhi.

• Large-molecule drugs: 55 candidates are in clinical trials, with four approvals and one application pending, driven by firms such as PharmaEssentia, TaiFo Biotech, and Yongsheng Biotech.

• High-risk medical devices: 28 international marketing authorizations have been granted, predominantly for surgical instruments (12), followed by diagnostic monitoring devices (7) and in vitro diagnostics (6). Notable manufacturers include NeoBios, Raytone Medical, and Proson Biotech.

• Smart medical devices: 21 international certifications have been secured, with market focus on Southeast Asia and the U.S. Key players include Changjia Smart, Acer Healthcare, and Beizhi Medical.

Operational Momentum: Steady domestic growth but cooling exports; the U.S. remains the largest export market
In 2024, Taiwan’s biomedical industry achieved a total output value of NT$773.9 billion, up 2.13% year-on-year, with a five-year compound growth rate of 4.77%, underscoring steady expansion. Publicly listed companies (including emerging stocks) generated NT$335.3 billion—up 7.7% year-on-year and a five-year compound rate of 7.79%—led by pharmaceutical manufacturing and new-drug R&D.

New-drug sales climbed from NT$28.5 billion to NT$37.5 billion in 2024, with nine international licensing deals totaling US$310 million in licensing fees. Notable licensors include OBI Pharma, Insilico Medicine, and PharmaEssentia.

By contrast, exports slipped to US$7.98 billion—a 7.4% drop—reflecting a slowdown in biotech/pharmaceutical shipments. The U.S. remains Taiwan’s largest export destination (25%), chiefly for health products, medical devices, and pharmaceuticals; Mainland China follows at 17%, and Japan at 11%.

Investment Overview: Booming capital markets, with vibrant startup funding and cross-border collaborations
In 2024, 236 Taiwanese biomedical firms went public (including emerging stocks), pushing total market capitalization beyond NT$1.762 trillion—an increase of NT$142.8 billion. Pharmaceutical manufacturers and new-drug developers accounted for nearly NT$1 trillion of this value.

Public fundraising reached NT$32.6 billion, predominantly via IPOs. Startups attracted strong venture capital, with 15 deals disclosed totaling US$348 million—seven exceeding US$10 million—featuring companies like TimeStar Pharmaceuticals, Geneed Biotech, and AnBon Biotech.

Internationally, eight cross-border M&A transactions closed in 2024—one acquisition and one joint venture—disclosing US$448 million in total deal value, highlighted by PharmaEssentia’s US$210 million acquisition.

(Reported by: Huang Yi-Leng)