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Taiwan Pharmaceuticals and Healthcare Report Q3 2011
Business Monitor International, May 2011, Pages: 101
BMI View:
Taiwan has an attractive pharmaceutical market, aided by its close proximity to China, which is probably the world's most attractive emerging pharmaceutical market. Patented drugs account for over 60% of the total market's value – some are manufactured locally, but the majority are imported from Western Europe, the US and Japan. The over-the-counter (OTC) sub-sector is under-developed due to widespread and generous Bureau of National Health Insurance (BNHI) reimbursement for patented products.
Headline Expenditure Projections
- Pharmaceuticals: TWD129.bn (US$4.10bn) in 2010 to TWD136bn (US$4.63bn) in 2011; +5.0% in local currency terms and +12.9% in US dollar terms. Forecast up moderately from Q211 due to improved GDP forecast.
- Healthcare: TWD759bn (US$24.12bn) in 2010 to TWD769bn (US$26.25bn) in 2011; +1.3% in local currency terms and +8.8% in US dollar terms. Forecast marginally down from Q211.
- Medical devices: TWD46bn (US$1.47bn) in 2010 to TWD49bn (US$1.68bn) in 2011; +6.0% in local currency terms and +14.8% in US dollar terms. Forecast up marginally from Q211.
Business Environment Rating:
Taiwan's score increased by 2.61%, from 58.7 out of 100 in Q211 to 60.2 in Q311. The cause was an upgrade to the country's rewards score rising to 55, meaning Taiwan now places sixth in the Asia region, up from seventh in Q2. However, patent issues and doubts over the BNHI system are likely to limit growth.
Key Trends & Developments:
- The government made further amendments to the country's National Health Insurance Act in January 2011, which included the establishment of a dedicated drug expenditure target. The amendment will require citizens with non-salary investments that are four times more than their basic salary to pay an extra premium of 2%.
- In its Special 301 submission for 2010, the Pharmaceutical Research and Manufacturers of America (PhRMA) requested that Taiwan be placed on the Office of the US Trade Representative (USTR)'s Watch List for the 2010 Special 301 report, expressing concern over the fact that the data protection provision of Taiwan's Pharmaceutical Affairs Law covers only new chemical entities and not new indications, and that Taiwan has yet to implement patent linkage in its regulatory procedures for approving generic drugs.
BMI Economic View:
Taiwan's economy has improved in recent months, with 2010 real GDP growth at an impressive 10.5% and unemployment on a clear downward trend. The Department of Health has identified medical tourism as a growth area with significant potential and aims to increase the number of medical tourists in the country, with a focus on attracting visitors from mainland China. Taiwan is hoping to become a major regional player in this field, like Singapore and Thailand.
BMI Political View:
Approval ratings for Taiwanese President Ma Ying-jeou jumped from 34.6% in December 2010 to 40.3% in January 2011, the second highest level since he took office in 2008, according to the most recent opinion poll conducted by Global Views Survey Research Center (GVSRC).
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