Research and Markets: Taiwan's Pharmaceutical Market Expected to Reach $5.5 Billion by 2018

Fri Jun 7, 2013 4:17am EDT

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Research and Markets: Taiwan's Pharmaceutical Market Expected to Reach $5.5 Billion by 2018

Research and Markets (http://www.researchandmarkets.com/research/82gj4w/taiwan) has announced the addition of the "Taiwan Pharmaceutical Market Outlook 2013" report to their offering.

Taiwan's healthcare is driven by a single-payer global budget system run by the Bureau of National Health Insurance (BNHI). National health expenditure stood at TWD 910.2 billion ($30.9 billion) in 2011 and will grow at a rate of 2.2% to reach TWD 937.6 billion ($31.6 billion) in 2012. Taiwan's pharmaceutical market was worth $4.4 billion in 2012, having grown at a Compound Annual Growth Rate (CAGR) of 2.9% from 2006, and is estimated to reach $5.5 billion by 2018 at a CAGR of 3.9%. Some of the key drivers of growth in the forecast period are:

- The provision of incentives for the biotech sector in the form of investment support, as part of the National Development Fund, worth TWD60 billion ($1.8 billion) in the coming six to 10 years. The Department of Health (DoH) and BNHI have introduced second-generation National Health Insurance (NHI), which is expected to improve pricing and regulatory policies. Research alliances with academic institutions and public-private partnerships are expected to boost research in new drug development, with several projects already underway and products already in late-stage clinical trials.

- The improving cross-straits relations with the People's Republic of China (PRC) are expected to drive the market demand for drugs in common diseases. Trade relations improved with the recent signing of the Economic Cooperation Framework Agreement, and the Cross-Strait Cooperation Agreement on Medicine and Public Health Affairs was signed especially to promote cooperation in medicine development and disease prevention. Taiwan could prove to be the launch pad for new drugs to gain access into the much larger Chinese market.

- An aging population, the rising prevalence of lifestyle disease and the increasing demand for new technologies in medicine are expected to drive market growth. The demand for new drugs in oncology and liver cancer is expected to increase, and circulatory and genitourinary diseases are other key therapeutic areas with growth potential.

Companies Mentioned

- GlaxoSmithKline

- Novartis

- Pfizer

- Sanofi

- ScinoPharm Taiwan

- Standard Chemicals & Pharmaceuticals Co. Ltd.

- The China Chemical & Pharmaceutical Company

- TTY Biopharm Company Limited

- Yung Shin Pharmaceutical. Ind. Co. Ltd.

For more information visit http://www.researchandmarkets.com/research/82gj4w/taiwan

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Sector: Pharmaceuticals