The Republic of China (Taiwan) has a robust and well run public healthcare scheme. The financing seems sound, the care provided is generally of very high quality and the cost burden to the user is very much in line with the country’s advanced middle class economy. To make our determination of threats and opportunities we looked at several factors in writing this report.
Working through the data, our industry research report concluded that the population of Taiwan increased slightly between 2008 and 2013 from 23.0 to 23.4 million, mainly due to rising life expectancy. However, the birth rate decreased at a negative Compound Annual Growth Rate (CAGR) of 0.04% between 2008 and 2013. This is what is to be expected from an advanced economy, the double impact of an aging population and low (or even negative) birthrate.
Government incentives such as those for new pharmaceutical companies establishing themselves in Taiwan, which include a reduction in income tax, will encourage foreign companies to invest. The country’s pharmaceutical market was estimated at $5.7 billion in 2013 and is projected to reach $8.2 billion by 2020 at a CAGR of 5.2%. The medical device market was worth $2.2 billion in 2013 and is projected to reach $3.1 billion by 2020 at a CAGR of 5.0%.
These positive growth trends can primarily be attributed to –
An increasing elderly population
Universal health coverage
These conclusions form an essential source of information and analysis on the healthcare, regulatory and reimbursement landscape Taiwan. It identifies the key trends in the country’s healthcare market and provides insights into its demographic, regulatory, and reimbursement landscape and healthcare infrastructure. Most importantly, the report provides valuable insights into the trends and segmentation of its pharmaceutical and medical device markets. It is built using data and information sourced from proprietary databases, secondary research, and in-house analysis by GlobalData’s team of industry experts.