In just 35 years, Taiwan has gone from having no biotechs on the TAIEX and Taiwan OTC stock exchanges to 124 listed firms with a combined market capitalization of more than USD 30 billion by 2020, as the below chart from the Carnegie Endowment for International Peace shows. In 2019, the consultancy PwC estimated that biotech accounted for nearly 20 percent of the listed companies in Taiwan, although this pace slowed somewhat in the two to three years up to 2020.

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