R&D-based startups lead the way
Fifty-percent of surveyed companies involved in precision medicine are startups with capital of less than NT$500m (US$16m). One-third of the companies were only incorporated within the past 5 years. These startups are R&D-based with over 30% of their annual budget spent on product development.
Primary focus on molecular testing and diagnostics
Eighty-two percent of surveyed companies involved in precision medicine focus on molecular testing and diagnostics (IVDs and laboratory testing), followed by bioinformatics software and analytics (74%), and DNA sequencing instrument (70%). They expect to remain focused in these areas in the next 5-10 years.
High overseas market penetration, mainly in China
Seventy-one percent of surveyed companies involved in precision medicine have marketed their products or services overseas. Among them, 85% consider China to have the largest market potential, followed by the United States (50%) and Southeast Asia (38%). However, different regulatory approval processes, local competition, and lack of local partners are the main barriers to operational success overseas.
Digital technology is the cure
Eighty six percent of survey respondents consider Taiwan’s strengths in information communication technology to be basis for the future successful development of a precision medicine ecosystem.