With an eye on the emerging opportunities in the New Southbound markets, the strategies of biotech companies vary significantly. Vaccine manufacturers such as Medigenvac and Enimmune and developers of medical testing software and hardware materials like Everfortune and Bpmbuotech are establishing strong footholds in Vietnam. Meanwhile, health food companies like Grape King and Sunway biotech are adopting alliance strategies to enter the Malaysian market. Chlitina-KY, specializing in beauty and skincare products, has already set up flagship and franchise stores in Vietnam and plans to expand into the Southeast Asian market with Vietnam as its hub.
Acer Smart Health's flagship product, the VeriSee DR (Diabetic Retinopathy) assisted diagnosis system, has obtained medical device licenses in Taiwan, Thailand, Indonesia, and the Philippines, with sales qualifications also secured in Vietnam and India. In April of this year, the VeriSee AMD (Age-related Macular Degeneration) screening system received market approval in Malaysia, highlighting the company's ambitions in ASEAN markets.
Industry insiders view the New Southbound Policy as a government-driven initiative. Taiwan's advantages in medical expertise, complete semiconductor supply chains, and the growing research and development capabilities of the biotech industry are expected to accelerate the pace of expansion into the New Southbound markets, with a focus on integrating medical services with commerce.
Preliminary statistics show that among biotech companies entering the ASEAN market, Vietnam and Malaysia are the most popular destinations. Medical system providers, vaccine manufacturers, pharmaceutical companies, and diagnostic testing firms are targeting Vietnam as their base, while health food businesses are eyeing Malaysia.
Medigenvac submitted applications for its Type 71 Enterovirus vaccine to regulatory agencies in Southeast Asian countries such as DAV in Vietnam and NPRA in Malaysia in May and December of last year. With the rise in enterovirus outbreaks, there is an opportunity for the vaccine to obtain market approval this year.
Everfortune is targeting the precision medicine market. Its three medical devices, including the estimated system for chest comparison, pneumothorax detection system, and pleural effusion detection system, were approved for market entry in Vietnam last year.
In Malaysia, a favorite destination for health food companies, Grape King, in partnership with All-U-KY's joint venture GK BIO, is expanding into the market. Its subsidiary, Pro-partner Co., is also expanding its direct sales business. Sunway biotech, in collaboration with Great Tree Pharmacy, provides red yeast rice and probiotics raw materials and technology, with Great Tree Pharmacy handling local operations and marketing in Malaysia.
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