2013-08-30 09:02:48 - New Healthcare research report from Business Monitor International is now available from Fast Market Research
Taiwan's ageing population continues to be a key driver of pharmaceutical sales in the country. However, we note that deficits in the national health insurance account will act as a downside risk to pharmaceutical firms as extensive price cuts on medicines may be enforced to contain costs.
Headline Expenditure Projections:
* Pharmaceuticals: TWD153.74bn (US$5.20bn) in 2012 to TWD162.43bn (US$5.54bn) in 2013; +5.7% in local currency terms and +6.6% in US dollar terms. Forecast increased from previous quarter due to revised historic data.
* Healthcare: TWD975.76bn (US$32.99bn) in 2012 to TWD1,023bn (US$34.93bn) in 2013; +4.9% in local currency terms and +5.9% in US dollar terms. Forecast in line with previous quarter's projections.
* Risk/Reward Rating: Taiwan moved up to fourth position in
our latest Pharmaceutical Risk/Reward Rating (RRR) assessment of the 18 key markets in the Asia Pacific region. The country had been ranked sixth in the previous quarter. While it is a small pharmaceutical market, Taiwan boasts above-average Rewards and Risks, propped up by factors such as the high per capita consumption of medicines.
Full Report Details at
- www.fastmr.com/prod/670685_taiwan_pharmaceuticals_healthcare_rep ..
Key Trends & Developments:
* In its submission to the Special 301 report, the Pharmaceutical Research and Manufacturers of America (PhRMA) recommended that Taiwan be placed on the Watch List. The report reviews foreign countries that restrict fair market access to PhRMA members, who are dependent on intellectual property protection and fair operating conditions. Its key concerns around Taiwan's pharmaceutical market include Price and Volume Survey, intellectual property protection and enforcement and the National Health Insurance Act.
* In June 2013 Soo Whai-jen, managing director of Taiwan's Supra Integration and Incubation Center, announced that the organisation plans to provide TWD50mn (US$1.7mn) to biotechnology start-up firms over three years, and at least TWD$100mn (US$3.4mn) to qualified research institutes annually. There are currently 10 drug development and four medical equipment development cases under review.
BMI Economic View: Despite renewed optimism in Taiwan's economic growth prospects for the rest of the year, we are sticking to our downbeat expectations on the island's economy. We expect the trade rebound to be transient, with progressive weakness outweighing the trade support provided by the Association of Southeast Asian Nations region. Indicators such as retail sales and inflation have also reflected subdued domestic demand conditions. We have consequently downgraded our 2013 and 2014 real GDP projections from 3.0% and 4.0% to 2.1% and 3.0% respectively.
BMI Political View: We believe that Transparency International's findings of alleged widespread corruption within Taiwan, particularly in the public sector, will certainly cast a negative light on the government's efforts to draw in more foreign direct investment. However, debate regarding the veracity of its findings is still ongoing, preventing us from making a more definitive conclusion. In particular, we would not be too fixated on the bribery claims, and believe that other structural deficiencies within Taiwan's business environment warrant more immediate concern.
Partial Table of Contents:
BMI Industry View
- Business Environment
- Pharmaceutical Market Forecast
- Table: Taiwan Pharmaceutical Sales, Historical Data And Forecasts
- Healthcare Market Forecast
- Table: Taiwan Healthcare Expenditure Trends, Historical Data And Forecasts
- Table: Taiwan Government Healthcare Expenditure Trends, Historical Data And Forecasts
- Table: Taiwan Private Healthcare Expenditure Trends, Historical Data And Forecasts
- Prescription Drug Market Forecast
- Table: Taiwan Prescription Drug Market Indicators, Historical Data And Forecasts
- Patented Drug Market Forecast
- Table: Top 10 Pharmaceuticals In Taiwan According To BNHI Expenditure During 2008
- Table: Taiwan Patented Drug Market Indicators, Historical Data And Forecasts
- Generic Drug Market Forecast
- Table: Taiwan Generics Drug Market Indicators, Historical Data And Forecasts
- OTC Medicine Market Forecast
- Table: Taiwan Over-The-Counter (OTC) Medicine Market Indicators, Historical Data And Forecasts
- Pharmaceutical Trade
- Table: Taiwan Pharmaceutical Trade Data And Forecasts (US$mn)
- Table: Taiwan Pharmaceutical Trade Data And Forecasts (TWDmn)
- Other Healthcare Data
- Key Risks To BMI's Forecast Scenario
- Economic Outlook
- Table: Economic Activity
Industry Risk Reward Ratings
- Taiwan Risk/Reward Ratings
- Asia Pacific Risk/Reward Ratings
Industry Trends And Developments
- Healthcare System
- Healthcare Insurance
- Table: Sources Of Financing
- Healthcare Financing
- Table: Taiwan Insurance Coverage
- Medical Tourism
- Traditional Chinese Medicine
- Biotechnology Sector
- Clinical Trials
- Table: Medicine Categories In Taiwan
- Table: Examples Of Controlled Drugs In Taiwan
- Recent Regulatory Developments
- Intellectual Property Regime
- Pricing Regime
- Reimbursement Regime
- Table: Reimbursement System in Taiwan
- Table: Drug Reimbursement Principles
- Table: BNHI Spending By Type Of Outpatient Claims, As Percentage Of Total
Full Table of Contents is available at:
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