Headline Expenditure Projections
- Pharmaceuticals: TWD160.66bn (USD5.41bn) in 2013 to TWD167.74bn (USD5.59bn) in 2014; +4.4% in local currency terms and +3.4% in US dollar terms. Forecast decreased from previous quarter slightly after a change in the drug price adjustment policy.
- Healthcare: TWD964.25bn (USD32.47bn) in 2013 to TWD1,004.83bn (USD33.49bn) in 2014; +4.2% in local currency terms and +3.2% in US dollar terms. Forecast almost unchanged from the previous quarter's projections.
Taiwan remained in forth position overall - now closely trailing Australia - in our latest Pharmaceutical Risk/Reward Rating (RRR) assessment of the 19 key markets in the Asia Pacific region, scoring 65.7 out of 100 behind Japan, South Korea and Australia respectively. While it is a small pharmaceutical market, Taiwan boasts above-average for Rewards and Risks, propped up by factors such as the high per capita consumption of medicines and an excellent chance to capitalise on the mainland-China market. Taiwan has a very strong active pharmaceutical ingredient (API) industry. Although it is small, which makes the domestic market competitive and particularly constraining, it provides specialty chemicals and...
The Taiwan Pharmaceuticals & Healthcare Report features Business Monitor International (BMI)'s forecasts for drugs and healthcare expenditure and imports and exports, focusing on the growth outlook for the prescription, OTC, patented drugs and generics market segments.
BMI's Taiwan Pharmaceuticals & Healthcare Report provides industry professionals, strategists, company executives, investors, analysts and sales/marketing heads with independent forecasts and competitive intelligence on the Taiwanese pharmaceutical and healthcare industry.Key Benefits
CoverageBMI Industry View & Industry SWOT
- Benchmark BMI's independent pharmaceutical and healthcare industry forecasts for Taiwan to test other views - a key input for successful budgeting and strategic business planning in the Taiwanese pharmaceutical and healthcare market.
- Target business opportunities and risks in the Taiwanese pharmaceutical and healthcare sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments in Taiwan.
- Assess the activities, strategy and market position of your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity) and Competitive Landscape Tables.
An at-a-glance perspective on latest regulatory developments, key forecast indicators and major corporate developments, covering the prescription, OTC and generics markets. The SWOT outlines strategic factors which affect BMI's forecast analysis, and taken together with BMI's political, economic and business environment SWOTS, it gives a complete overview of market climate.Market Summary
Snapshot of key market characteristics, including total size of pharmaceuticals and healthcare segments, growth drivers, leading therapeutic areas and the competitive landscape.Regulatory Regime
Details of the industry regulatory framework and key legislation covering the licensing of new products/services, pricing and reimbursements, intellectual property, taxation and advertising, as well as an analysis of the overall regulatory burden.Industry Developments
Focus on government healthcare reforms, epidemiological trends, company M&As, product launches, market entries, FDI activity, R&D, biotechnology, clinical trials and supply chain issues.BMI Industry Forecasts
Forecasts to end-2018 for all key industry indicators (see list below) supported by explicit assumptions, plus analysis of key downside risks to the main forecast, including:
Healthcare: Total healthcare expenditure (US$bn), healthcare expenditure (% of GDP), healthcare expenditure per capita (US$), hospital beds (per `000 population), doctors (per `000 population), birth and mortality rate (per `000 population)
Pharmaceutical market: Drug expenditure (US$bn), drug expenditure (% of GDP), drug expenditure per capita (US$)
Patented drug market: Prescription drug sales (US$bn), prescription sales (% of total sales), sales broken down by 14 therapeutic areas (cardiovascular, anti-infectives etc.)
Generic drug market: Generic product sales (US$bn), generic sales (% of total sales)
OTC drug market: OTC sales (US$bn), OTC sales (% of total sales), sales broken down by product types (analgesics, skin treatments, vitamins and minerals etc.)
Medical Devices: Medical device sales (US$bn), medical device sales (% of total healthcare market)
Macroeconomic Forecasts: Nominal and real GDP, % real GDP growth, % private consumption growth, % industrial output growth, % consumer price index, % GDP price deflator, exports, imports, trade balance, current account balance, foreign direct investment, exchange rate against US$, government expenditure, external debt.Competitive Landscape
The competitive landscape section provides comparative company analyses and rankings by US$ sales and % share of total sales - for the total pharmaceutical sector, as well as the OTC, generics, and distribution sub-sectors.Company Profiles
Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI's industry forecasts, our macroeconomic views and our understanding of the wider competitive landscape to generate Company SWOT analyses. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.
While Taiwan's intellectual property regime has some deficiencies, drug pricing remains the key issue of concern for the Pharmaceutical Research and Manufacturers of America (PhRMA). Given the increasing demand for health services from the ageing population, Taiwan will continue to limit the escalation of drug prices, which will negatively impact the pharmaceutical market's growth potential. In particular demand for long-term care and welfare expenditure is expected to rise, adding further weight to the government's fiscal burden. BMI has downgraded its pharmaceutical sales forecast for Taiwan. While the ageing population will support pharmaceutical sales, we maintain that government drug price controls will continue to limit growth.