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The Medical Device Market: Taiwan
Espicom Business Intelligence Ltd, Sep 2009, Pages: 86
This in-depth medical device market report is ideal for executives wanting to understand the key drivers in medical markets and have access to a wealth of statistical data. Each report opens with an outlook section that provides analysis of the market, 5-year market forecasts, national data projections, market outlook and key developments such as regulation, health facilities and government policy. The report also provides extensive background information, population trends, health status, health expenditure, organisation & administration, hospital services, medical personnel, healthcare development, market access information, trade data and essential industry contacts. Included with the report are 3 free quarterly updated outlook reports, enabling you to keep up to date with market developments for a year.
Executive Summary
Taiwan is one of the richest countries in the Asia Pacific region. It has a strong healthcare system and the universal health insurance ensures that all citizens have grown to expect a high level of care. That said, like a lot of public welfare systems, the healthcare system is being constrained by rising costs, and a rapidly growing elderly population is adding to this.
Health remains a contentious issue in Taiwan, and although the government considered raising health insurance premiums in 2008, it has now said such a move will not be made until the average per capita income has increased.
The Taiwan local medical device industry’s capability is slowly evolving, and new growth trends in export categories such as orthopaedic & implantable products, dental products and contact lenses have been evident in recent times.
The market, long known as a “difficult” one because of the regulatory environment, has been gradually showing signs of improvement, and it has been commended for expanding its communication with counterpart agencies in the USA and the European Union. Ties between Taiwan and mainland China are also improving.
Reimbursement of medical devices remains a problem. The Bureau of National Health Insurance (BNHI), currently running a deficit, has set reimbursement prices low, which industry players, particularly from the USA, complain does not distinguish innovative medical devices and the new technology or benefits it brings to consumers.
The ongoing conflict of interests between the multinational industry and the government is understandable; despite constraints and barriers to market entry, Taiwan remains a lucrative market, among the top 25th in the world in value terms, and around 75% of the market is still supplied by imports, with the USA holding a significant share with just over 30% of total imports in 2008, followed by Japan and other suppliers from the EU.
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