On February 24, 2021, the US-Taiwan Business Council published a strategic report on the healthcare industry in Taiwan. The report examines outstanding regulatory and other matters in the pharmaceutical and medical device industries and looks at potential future opportunities for U.S.-Taiwan bilateral cooperation. In addition, the report concluded that a U.S.-Taiwan Bilateral Trade Agreement (BTA) would be an effective way to tackle outstanding issues in the healthcare sector.
The US-Taiwan Business Council urges immediate resumption of the TIFA process and the start of negotiations toward a Bilateral Trade Agreement. The Council calls on the Office of the U.S. Trade Representative (USTR) to respond in kind to the unilateral moves that Taiwan has taken to liberalize its market and to remove some of the impediments to expanded bilateral trade. Negotiations on a U.S.-Taiwan Bilateral Trade Agreement would be the most effective way to tackle these and other remaining issues that have obstructed U.S. companies from gaining fully effective access to the Taiwan healthcare market.
The Council recommends expanded future bilateral cooperation in the healthcare sector – potentially focusing on the emerging fields of digital and remote healthcare. The U.S.-Taiwan economic relationship would be elevated to a new level of cooperation, and would help ensure mutual prosperity and an even more effective healthcare environment for the Taiwan populace.
Report: Taiwan Healthcare Policies and U.S.-Taiwan Relations
The release event for the report included a substantial discussion on how a U.S.-Taiwan Bilateral Trade Agreement could improve cooperation in the healthcare sector. As part of his presentation, Dr. Mark Kao spoke extensively on issues surrounding a potential BTA and the healthcare industry.