Taiwan Seeks Chinese Capital and Specialists in U.S. for Its Biotech Plan(2011/6)

June 30th, 2011 | Categories: 2011 | Tags:

Taipei, June 28, 2011 (CENS)–Minister without Portfolio C.Y. Chu left Taiwan last Saturday (June 26) for the United States to seek Chinese investors and specialists for Taiwan`s biotech projects.

Chu leads a trade delegation to attend the 2011 BIO International Convention, which take places from June 27 through 30, in a bid to seek Chinese investors in Taiwan`s biotech venture capital funds and Chinese specialists to operate a biotech incubation center. Among the specialists is Whai-jen Soo, senior vice president of Shire Human Genetic Therapies Inc., whom Chu will invite to take helm of the incubation center.

The incubation center is a platform that can help biotech manufacturers create added value to their products. The center is designed to evolve into a private company in one to two years from a project office, a development pattern adopted in most advanced countries.

The Executive Yuan, Taiwan`s Cabinet, passed a biotech-development project in 2009 to open the Food and Drug Administration under the Department of Health, Development Center for Biotechnology, Biotech Venture Capital and Super Incubation Center. All of the organizations except the incubation center have been set up.

Chu pointed out that compared with mainland China, Taiwan is no longer in a advantageous position to develop the biotech industry. He suggests the island should speed up its biotech projects before it is too late.

The mainland for the first time this year sets up booths at the convention. Not to be outdone by the mainland, Taiwan sets up a pavilion at the convention.

Chu said the Taiwan Medtech Fund (TMF), which is spearheaded by Partner Y.T. Jang of the Vertical Group, has begun raising capital. The group is recognized as the world`s biggest venture capital fund for medical equipment. The government-owned National Development Fund will finance the fund.

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