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Taiwan Pharmaceuticals and Healthcare Report Q4 2008
Business Monitor International, Dec 2008, Pages: 93
Our Taiwan Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Taiwan's pharmaceuticals and healthcare industry.
Taiwan’s US$4.29bn pharmaceutical market is characterised by a universal healthcare scheme, a nascent biotechnology sector, increasing use of generic drugs, and occasional price cuts. The author is projecting a compound annual growth rate of 7.05% through to 2012, when the sector will have a valuation of US$6.03bn.
Taiwanese doctors are enthusiastic prescribers of medicine. A Department of Health survey from June 2008 revealed that drug fees accounted for nearly one quarter of the total National Health Insurance (NHI) expenditure. In comparison, US-based healthcare insurers spent just 15% of income on pharmaceuticals.
According to a National Health Research Institute survey, 12% of the Taiwan population – or 2mn people – are suffering from chronic kidney disorders. Moreover, only 3.5% are aware of their condition. This figure increases to 20% in the lower social-economic class. Globally, Taiwan has the highest percentage of population in need of dialysis treatments, which costs US$920mn a year. Taiwan’s legislative body approved the protocol amending the World Trade Organisation (WTO)’s Trade Related Aspects of Intellectual Property Rights (TRIPS) agreement in June 2008. This allowed the export of drugs to fulfil compulsory licenses issued by developing countries.
The emerging medical tourism industry in Taiwan will benefit from the initiation of direct flights from China in July 2008. Rather than an enforced stopover, visitors from the mainland seeking high-quality healthcare can now fly straight to Taipei and seven other Taiwanese cities. However, it is our view that the upside will be marginal until visa rules are relaxed. Taiwan’s medicine manufacturing sector has had a challenging few years. Competition from China and India, combined with fluctuating prices of raw materials, has resulted in erratic output. However, new data from the Industry and Technology Intelligence Services (ITIS), combined with our projections, reveal that the value of finished drugs, active pharmaceutical ingredients (APIs) and traditional Chinese medicines (TCMs) produced in Taiwan this year will surpass the record set in 2003.
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