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:-
Related Reports:-
Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
