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The Medical Device Market: Taiwan
Espicom Business Intelligence Ltd, Oct 2011, Pages: 64
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 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 they bring to consumers.
The ongoing conflict of interest between the multinational industry and the government is understandable; despite constraints and barriers to market entry, Taiwan remains a lucrative market, among the top 25 in the world in value terms, and over 75% of the market is still supplied by imports. The USA holds a significant share of imports with just under 30% of the total in 2009, followed by Japan and other suppliers from the EU.
Includes 3 quarterly updated outlook reports!
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