Boston, MA -- (SBWIRE) -- 06/11/2014 -- BMI View: BMI believe s that cost-containment policies will not place significant pressure on healthcare expenditure in Taiwan. This is because the majority of spending in the medical services sector goes towards salaries for doctors and nurses, which are difficult to cut back on without arousing political opposition. Meanwhile, the needs of the ageing population mean that demand is increasing for innovative pharmaceuticals and medical devices, which will sustain higher health expenditure . Taiwan's worsening demographics are also expected to compound the problems in the labour market and act as a further drag on Taiwan's structural growth. According to the government's own estimates, Taiwan is slated to become a rapidly ageing society in the decades ahead. In this respect, we particularly highlight the rising importance of elderly care, which will benefit nursing home providers, medical device companies and pharmaceutical firms looking to enter developed countries in the region. Meanwhile, generic drug firms will benefit from the increased use of generic medicines in the region. Meanwhile, Taiwan's Food and Drug Administration (FDA) has warned physicians in the country against prescription falsification and said the flow and use of controlled drugs is being closely monitored. The agency said of the total of 183 investigations, 124 were in violation of the Controlled Drugs Act.
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Headline Expenditure Projections
- Pharmaceuticals: TWD161.33bn (USD5.43bn) in 2013 to TWD167.53bn (USD5.88bn) in 2014; +3.8% in local currency terms and +8.2% 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 TWD1,001.25bn (USD35.13bn) in 2014; +3.8% in local currency terms and +8.2% in US dollar terms. Forecast lower ed from the previous quarter's projections.
Taiwan dropped one spot to forth position overall - now closely trailing...
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.
- 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.
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