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Taiwan Pharmaceuticals and Healthcare Report Q2 2008Published by: Business Monitor International Published: Apr. 22, 2008 - 89 Pages Table of Contents
AbstractTaiwan represents a pharmaceutical market of moderate interest to multinational pharmaceutical firmsoperating in the Asia Pacific region. The draws of the US$4.32bn market include a traditional preference for branded medicines, a strong research environment - especially in the field of biotechnology - and a highly urbanised population. However, several recent price cuts and a less than clear operating environment provide a degree of concern. Consequently, Taiwan retains seventh position in BMI’s Pharmaceutical Business Environment Ranking table for Q208 out of the 14 regional markets surveyed. While BMI is expecting reasonable market growth, to around US$5.29bn by 2012, considerable challenges will be presented by the new regulatory requirements. In November 2007, Taiwan introduced a health technology assessment (HTA) system for pricing and reimbursement of new drugs. Specifically, prior to evidence evaluation, the proposed price of a new pharmaceutical will be benchmarked using existing prices in 10 other markets. HTA tools will then be employed to mark up or mark down that price, depending on efficacy. While the programme aims to improve patient outcomes - as well as make muchneeded savings in the public sector - similar systems in other countries have at times been accused of having the opposite effect. In the meantime, Taiwan is working on adoption of internationally recognised standards modelled on the Pharmaceutical Inspection Co-operation Scheme (PIC/S). The programme will improve the quality of medicines produced locally, and consequently their export potential. Full compliance is expected by the end of 2009 at the latest, with membership of PIC/S - albeit not full, due to political pressure from China - being a clear indication of the maturity of a country's pharmaceutical industry. Taiwan's US$1.86bn medical device sector, which is poised to expand steadily over the next five years, continues to be dynamic. In February 2008, US medical device manufacturer Ingen Technologies signed a distribution agreement with Hong Kong-based Progressive International Holding (PIHK), which covers Taiwan. The agreement concerns the distribution of Ingen’s proprietary product OxyView, a device used to increase accuracy of medical care and prevent unnecessary medical costs. Shortly before the announcement, US-based Merck & Co indicated that it is to base its new Asia Technology Training Center in Taiwan. Get Full Details About This Report >> |
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