Increasing Coverage of the National Health Insurance and Hike in the Demand of Cosmetics, Baby and Maternal Care Products had led to Growth in the Taiwan Pharmacy Retail Market: Ken Research

Pro Active Government Measures Curbed the Spread of Corona Virus: The Taiwan Center for Diseases Control established the Central Epidemic Command Center (CECC) for tapping the Corona Virus spread in the country. They hosted Daily Press Conferences for Updating People with the Situation, formed Fact Checking Committees for Curbing the False Information, Partnered with Private Organizations for providing Real Time Update of supplies for combating Corona Virus and Issued Social Guidelines to be followed in public areas.

Impact of COVID 19 on Taiwan Pharmacy Retail Market: The government undertook the distribution of surgical masks from private sector in order to ensure that there are no exploitative pricing and hoarding of these products. These products were then distributed by the NHI Accredited Pharmacies at a fixed price of NTD 5 per piece. These masks were rationed on the basis of the name of the person. Government issued regulations for crowd management, gathering of information on patients and other awareness programs which were to be followed by the Pharmacists. The pharmacy retail market declined initially, however it was able to recover later.

Government Promoting Telemedicine during Corona Virus: Telemedicine is an old concept in Taiwan however onset of Corona Virus helped in accelerating the adoption of Telemedicine in the region. Since Jan 2020, 3,417 hospitals and clinics started providing Telemedicine services in Taiwan. National Health Insurance included telemedicine reimbursement for people at home isolation and quarantine.

Prescription Medicine Co-Payment under NHI: The Ministry of Health and Welfare covers the expenditure on prescribed medicines under NHI. A customer can purchase the prescribed medicines from a NHI accredited pharmacies by making a small co-payment which ranges till NTD 200 depending upon the total expenditure. NHI also offers drug reimbursement on more than 17,000 prescribed medicines.

Analyst at Ken Research in their latest publication “Taiwan Pharmacy Retail Market Outlook to 2025 – By Market Structure (Organized and Unorganized), By Region (Taipei Division, Northern Division, Central Division, Southern Division, KaoPing Division and Eastern Division), By Product Sales (Prescribed Medicines, OTC Products, Non Pharma Products and Medical Equipment), By Drug Type (Generic And Patented) and By Therapeutic Class” observed that Taiwan is a growing market for pharmaceutical products. The Universal Coverage of National Health Insurance has helped in development of the market. The government closely monitors and regulates the market in terms of product offering and pricing. It offers Co-Payment on the purchase of prescribed medicines. The market has presence of high number of unorganized pharmacy stores. Chain pharmacies are looking for store expansion and have started acquiring and merging with regional pharmacies. The increase in the ageing population and negative population growth will lead to the development of the market in future. Taiwan Pharmacy Retail Market is expected to grow at a CAGR of 1.5% on the basis of revenue during the forecast period of 2019-2025.

Key Segments Covered:-

By Market Structure (In USD Million)

Organized Market

Unorganized Market

By Region (In USD Million)

Taipei Division

Northern Division

Central Division

Southern Division

KaoPing Division

Eastern Division

By Type of Sales (In USD Million)

Prescribed Medicines

OTC Products

Non Pharmaceutical Products

Medical Equipment

By Type of Drug (In USD Million)

Generic

Patented

By Therapeutic Class (In USD Million)

Cardiovascular

Anti-Infective

Pain/Analgesics

Anti Diabetic

Vitamins/Minerals /Nutrients

Dermatology

Respiratory

Gastro Intestinal

Neuro

Oncological

Gynecological

Ophthalmological

Others

Companies Covered:-

The Great Tree Pharmacy

MedFirst Taiwan

TinTin Drugstores

Woodpecker Pharmacy

YourChance Pharmacy

Yes Chain Pharmacy

JPMed

Tomods

Matsumoto Kiyoshi

Boden Pharmacy

Key Target Audience:-

Pharmaceutical Manufacturer Companies

Pharmaceutical Importing Companies

Pharmaceutical Distributing Companies

Major Retail Companies

E-Commerce Pharmaceutical Retailers

Consultancy Companies

Industry Associations

Government and Regulation Bodies

Time Period Captured in the Report:-

Historical Period: 2014-2019

Forecast Period: 2020-2025

For More Information on the research report, refer to below link:-

Taiwan Pharmacy Retail Market

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Malaysia Pharmacy Retail Market Outlook to 2025- By Market Structure (Organized & Unorganized), By Location (Mall Based & High Street), By Product Sales (Prescribed Drugs, Generics, Non Pharmaceutical Products, Medical Equipment’s), By Drug Type (Patented & Generics) and By Therapeutic Class

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Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249