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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

12-10-2020 09:51 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: Ken Research Pvt Ltd

Increasing Coverage of the National Health Insurance and Hike

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.

For More Information on the research report, refer to below link:-
https://www.kenresearch.com/healthcare/pharmaceuticals/taiwan-pharmacy-retail-market-outlook-to-2025/384702-91.html

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.

Keywords:-
Taiwan Pharmacy Retail Market
Taiwan Pharmacy Retail Industry
Taiwan Pharmacy Retail Market Revenue
Taiwan Pharmacy Retail Market Major Players
Taiwan Pharmacy Retail Market Future Outlook
Covid-19 Impact Taiwan Pharmacy Retail Industry
Covid-19 Impact Taiwan Pharmacy Retail Market
Taiwan Online Pharmacy Retail Market
Taiwan Internet Medicine Market
Taiwan Prescribed Medicine Retail Market
Taiwan Dispensary Retail Market
Taiwan NHI Pharmacy Market
Taiwan Medicine Retail Market
Taiwan Patented Drug Market
Taiwan Generic Drug Market
Taiwan Branded Generics Market
Health Statistics in Taiwan
Heath Insurance Scenario in Taiwan
Taiwan Cardiovascular Market
Taiwan Pain/Analgesics Market
Taiwan Anti Diabetic Market
Taiwan Vitamins Market
Taiwan Minerals Market
Taiwan Nutrients Market
Taiwan Dermatology Market
Taiwan Respiratory Market
Taiwan Gastro Intestinal Market
Taiwan Neuro Market Size
Taiwan Oncological Market
Taiwan Gynecological Market
Taiwan Ophthalmological Market
Taiwan Pharmaceutical Manufacturer Companies
Taiwan Pharmaceutical Importing Companies
Taiwan Pharmaceutical Distributing Companies
Taiwan E-Commerce Pharmaceutical Retailers Market
Taiwan Non Pharmaceutical Products Market Sales
Taiwan Medical Equipment Market Sales
Taiwan Prescribed Medicines Market Sales
Taiwan OTC Products Market Sales
Taiwan Telemedicine Market
Taiwan Major Medicine Sellers
Taiwan Organized Pharmacies Market
Taiwan Unorganized Pharmacies Market
Taiwan Standalone Pharmacies Market
Taiwan Independent Pharmacies Market
Taipei Division Pharmacy Retail Market
Northern Division Pharmacy Retail Market
Central Division Pharmacy Retail Market
Southern Division Pharmacy Retail Market
Eastern Division Pharmacy Retail Market
KaoPing Division Pharmacy Retail Market
Taiwan Western Medicine Retail Market
Taiwan Chinese Medicine Retail Market
Taiwan National Health Insurance Coverage
Major Telemedicine Companies Taiwan

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

Related Reports:-
https://www.kenresearch.com/healthcare/pharmaceuticals/philippines-pharmacy-retail-market-outlook-to-2025/353093-91.html

https://www.kenresearch.com/healthcare/pharmaceuticals/malaysia-pharmacy-retail-market-outlook-to-2025/353094-91.html

https://www.kenresearch.com/healthcare/pharmaceuticals/india-e-pharmacy-competition-benchmarking/345912-91.html

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

Ken Research Pvt. Ltd.,
Unit 14, Tower B3, Spaze I Tech Business Park, Sohna Road, sector 49 Gurgaon, Haryana - 122001, India

Ken Research is a Global aggregator and publisher of Market intelligence, equity and economy reports. Ken Research provides business intelligence and operational advisory in 300+ verticals underscoring disruptive technologies, emerging business models with precedent analysis and success case studies. Serving over 70% of fortune 500 companies globally, some of top consulting companies and Market leaders seek Ken Research’s intelligence to identify new revenue streams, customer/ vendor paradigm and pain points and due diligence on competition.

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