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Taiwan Pharmaceuticals and Healthcare Report Q4 2011 Published on August 2011
Report Summary BMI View: Taiwan has an attractive pharmaceutical market, aided by its close proximity to China, which is probably the world's most attractive emerging pharmaceutical market. Patented drugs account for over 60% of the total market's value ' some are manufactured locally, but the majority are imported from Western Europe, the US and Japan. The over-the-counter (OTC) sub-sector is under-developed due to widespread and generous Bureau of National Health Insurance (BNHI) reimbursement for patented products.
Headline Expenditure Projections * Pharmaceuticals: TWD129bn (US$4.10bn) in 2010 to TWD136bn (US$4.66bn) in 2011; +5.1% in local currency terms and +13.7% in US dollar terms. * Healthcare: TWD759bn (US$24.12bn) in 2010 to TWD769bn (US$26.43bn) in 2011; +1.3% in local currency terms and +9.6% in US dollar terms. * Medical devices: TWD46bn (US$1.47bn) in 2010 to TWD49bn (US$1.70bn) in 2011; +7.0% in local currency terms and +15.7% in US dollar terms. Business Environment Rating: Taiwan experienced a 2.49% jump in its Business Environment Rating (BER) from 60.2 in Q311 to 61.7 in Q411. This increase was due to an increase in its Industry Rewards score, which rose from 53 to 57. Though the country has been plague by negative news due to the presence of the plasticiser DEHP in pharmaceutical products, BMI commends the government's swift actions to ensure damage was kept to a minimum, preventing the incident from reaching a similar scale to the melamine scandal that engulfed China in 2008. Key Trends & Developments * In May 2011, it was revealed that the Taiwanese Ministry of Economic Affairs (MOEA)'s subsidy programme is set to provide a major boost to generic drug companies for improving their research and development (R&D) capabilities. Wu Ming-ji, Director-General of the MOEA Department of Industrial Technology, has revealed that the government has given TWD220mn (US$7.67mn) in subsidies to six local drug companies, which accounts for about 33% of their total R&D spending. The subsidy programme was started in 2010 with the aim of enabling generic drugmakers to increase overall production from TWD30bn (US$1.0bn) a year to TWD40bn (US$1.4bn) and allow them to increase their international competitiveness through the expansion of their overseas presence. * On May 19 2011, the Taiwanese government detected di(2-ethylhexyl)phthalate (DEHP), a plasticiser, in various food and health products. DEHP is known to disrupt hormonal actions, reducing testosterone levels in boys and causing early sexual development in girls. BMI Economic View: The Taiwanese economy expanded strongly in Q111, with growth coming in at a solid 6.2% y-o-y and a seasonally-adjusted 3.2% q-o-q according to the government's advanced estimates. Nonetheless, we are sticking with our below-consensus 2011 real GDP growth forecast of 4.3%, as we expect to see a softer domestic property market, a Chinese economic slowdown and ramifications from the Japanese disasters weigh on Taiwan's growth in 2011. BMI Political View: After edging out Taiwan's former premier Su Tseng-chang in the main opposition Democratic Progressive Party (DPP)'s primary, party chairwoman Tsai Ing-wen will challenge incumbent Ma Ying-jeou of the Kuomintang (KMT) for the presidency. The presidential and legislative elections will be jointly held on January 14 2012, and we expect to see a highly competitive political scene. Cross- Strait issues will feature prominently in the election run-up, but regardless of the election results, we believe a reversal in warming cross-Strait economic relations is unlikely.
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Table of Content Executive Summary 7 SWOT Analysis 9 Taiwan Pharmaceuticals And Healthcare Industry SWOT ... 9 Taiwan Political SWOT ...... 10 Taiwan Economic SWOT .... 10 Taiwan Business Environment SWOT . 11 Pharmaceutical Business Environment Ratings 12 Table: Asia Pacific ' Regional Pharmaceutical Business Environment Ratings, Q411 ....... 13 Rewards ...... 14 Risks ... 14 Taiwan ' Market Summary .... 16 Regulatory Regime 17 Table: Examples Of Controlled Drugs In Taiwan ....... 18 Table: Medicine Categories In Taiwan ....... 19 Recent Regulatory Developments ....... 19 Intellectual Property Regime ...... 20 Intellectual Property Developments .... 22 Compulsory Licensing 23 Counterfeits 23 Pricing Regime ... 25 Price Cuts ... 26 Reimbursement Regime ....... 27 Table: BNHI Spending by Type of Outpatient Claims, as Percentage of Total .... 28 Table: Drug Reimbursement Principles ...... 29 Free Trade Agreements....... 30 Industry Developments. 32 Epidemiology ...... 32 Non-Communicable Diseases ..... 32 Communicable Diseases ..... 34 Healthcare System ...... 35 Healthcare Insurance . 35 Healthcare Financing . 36 Taiwan: Insurance Coverage ...... 37 Recent Healthcare System Developments ... 38 Traditional Chinese Medicine ..... 40 Biotechnology Sector .. 41 Recent Biotechnology Developments .. 42 Clinical Trials ..... 44 Medical Tourism . 45 Vaccines ...... 47 Recent Developments In The Vaccines Market ... 47
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>> Get this Report Now by email! Medical Devices.. 49 Industry Forecast Scenario ... 51 Overall Market Forecast..... 51 Table: Taiwan's Pharmaceutical Market Forecast, 2008-2015 ... 52 Key Growth Factors ' Industry... 53 Table: Taiwan's Healthcare Expenditure Forecast, 2008-2015 .. 55 Key Growth Factors ' Macroeconomic ...... 56 Table: Taiwan - Economic Activity, 2008-2015 .. 58 Prescription Drug Market Forecast .... 59 Table: Taiwan's Prescription Drug Market Forecast, 2008-2015 ....... 60 Patented Drug Market Forecast . 61 Table: Taiwan's Patented Drug Market Forecast, 2008-2015 ..... 62 Generic Drug Market Forecast ... 63 Table: Taiwan's Generic Drug Market Forecast, 2008-2015 ...... 64 OTC Medicine Market Forecast . 65 Table: Taiwan's OTC Medicine Market Forecast, 2008-2015 ..... 67 Medical Device Market Forecast 68 Table: Taiwan's Medical Device Market Forecast, 2008-2015 ... 69 Pharmaceutical Trade Forecast . 70 Table: Taiwan's Pharmaceutical Trade Forecast (US$mn), 2008-2015...... 71 Other Healthcare Data Forecasts ....... 72 Key Risks To BMI's Forecast Scenario ....... 73 Competitive Landscape 74 Pharmaceutical Industry ..... 74 Table: Leading Pharmaceutical Companies According To Market Capitalisation On The Taiwan Stock Exchange (TWSE) ..... 75 Table: Top Ten Pharmaceuticals In Taiwan According To BNHI Expenditure During 2008 ...... 76 Domestic Pharmaceutical Sector 76 Recent Domestic Company Activities .. 77 Foreign Pharmaceutical Sector .. 78 Recent Foreign Company Activity....... 79 Corporate Members Of Taiwan's International Research-Based Pharmaceutical Manufacturers Association (IRPMA) .... 81 Company Profiles .. 82 Leading Domestic Companies .... 82 Yung Shin Pharmaceutical (YSP) 82 ScinoPharm Taiwan .... 84 Empax Pharma ... 87 Leading Multinationals ....... 89 Pfizer .. 89 Sanofi .. 92 GlaxoSmithKline . 95 Novartis ...... 98 Merck & Co .......101 Section 1: Population .103 Table: Demographic Indicators, 2000-2030 ......103 Section 2: Labour Market And Spending Power 104 Table: Employment Indicators, 2000-2005 104 Table: Consumer Expenditure, 2000-2005 (US$) ......104 Table: Average Annual Manufacturing Wages, 2005-2012 .......104
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>> Get this Report Now by email! Glossary ....... 105 BMI Methodology 107 How We Generate Our Pharmaceutical Industry Forecasts .......107 Pharmaceuticals Business Environment Ratings .......108 Risk/Reward Ratings Methodology ....108 Ratings Overview .......108 Table: Pharmaceutical Business Environment Indicators .109 Weighting ...110 Table: Weighting Of Components ......110 Sources ......110
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