- The out of pocket expenditure on the medicine is expected to increase as the prices for medicines are increasing. The government is also looking to reduce the expenditure under the NHI coverage. This increase in out of pocket medical expenditure will help in development of the Taiwan Pharmacy Retail Market.
- The presence of pharmacy chains in Taiwan is less in comparison with other neighbouring countries such as Japan, China and others. Pharmacy chains will open new store, acquire regional chains and independent stores in order to increase their presence.
- The pharmaceutical market is strictly regulated by the government in Taiwan. The NHIA covers more than 17,000 drugs under its scope on which it provides reimbursement. Thus, for becoming a commercial success in Taiwan a drug needs reimbursement accreditation by NHIA.
Growth of Organized Pharmacy: Organized Pharmacies are increasing their presence in the Taiwan region by opening new stores or acquiring and merging regional pharmacies under their brand name. Some, pharmacy chains have adopted the franchise model for faster store expansion. The organized pharmacies are also focusing upon integrating their stores with latest technologies such as IoT, Virtual Reality, Artificial Intelligence and other latest technologies in order to increase the value of in-store experience. Further, they are collecting patient information and integrating it on their cloud platform so that customer can access their medical information at any time any place.
Ageing Population and Negation Population Growth Rate: Taiwan’s population trends are changing as the fertility rate is shrinking (1.06 births per women as of 2018) and life expectancy is increasing. The population growth in 2019 was ~0.1% down from an average of ~1.5% during the 1980s. This has resulted with the population starting to decline as of 2020. Out of total population, 65 years and older people accounted for ~15.3% of the population in 2019. It is estimated this will exceed to more than 20% till 2025. As per the NHIA data the cost on healthcare increases with the increase in age. Thus, it will benefit the market in the future.
Change in Attitude towards Health & Wellness Due to COVID 19 Outbreak: With the factors such as Increase in Ageing Population, Changing Climatic Conditions, Development of Fact Paced Society, the lifestyle of people have changed drastically in Taiwan. This has helped in raising health awareness among the people. People are now moving towards the preventive health care. This has helped in accelerating the demand for products such as Vitamins and Dietary supplements, nutritional supplement, OTCs and other health and wellness products in the market. Further the onset of Corona Virus has made people more health conscious and they are altering their lifestyle in order to maintain good health.
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 aging 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.
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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
Key Topics Covered in the Report:-
Healthcare System in Taiwan
Usage of Contraception & Family Planning in Taiwan
Health Insurance Scenario in Taiwan
Drug Reimbursement System of NHI
Traditional Chinese Medicine Scenario in Taiwan
Supply Structure of Taiwan Pharmacy Retail Market
Trends & Development in Taiwan Pharmacy Retail Market
Issues & Challenges in Taiwan Pharmacy Retail Market
SWOT Analysis & BCG Matrix in Taiwan Pharmacy Retail Market
Taiwan Pharmacy Retail Market Size & Segmentation, 2014-2019
Online Pharmacy Regulations in Taiwan
Telemedicine & Growth of Online Medical Consultation in Taiwan
Major Telemedicine Providers in Taiwan
Operating Model of Hybrid Pharmacies
Competition Scenario, Market Share, Cross Comparison of Major Players (Online & Offline) and Company Profile
Corona Virus Impact on the Consumer Behavior & Pharmacy Sales
Future Market Size and Segmentations, 2019-2025F
COVID 19 Impact on Taiwan Pharmacy Retail Market
Analysts’ Recommendations
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