Biomed Firms in Taiwan Eye Opportunities in Senior Care Services

Taipei, Aug. 24, 2012 (CENS)--Eying lucrative opportunities created by the graying society in Taiwan, several biomedical companies have developed, or are planning to deploy in such fields.

Taiwan's Council for Economic Planning and Development (CEPD) says over-65 people in Taiwan already account for 10.7% of the total, and the proportion is estimated to exceed 20% by 2025, with the speed of aging in Taiwan being the second-fastest globally to trail Japan.

Experts also forecast that by 2031 one of 18.5 people in Taiwan will need long-term care, of which the Industrial Development Bureau (IDB) has set up a senior-care industry alliance to integrate interested players on the island.

China Chemical & Pharmaceutical Co., Lt (CCPC), an established maker of pharmaceuticals on the island, through its subsidiary Chunghwa Biomedical Technology Co., Ltd. (CBT), has partnered with the Home Instead Senior Care (HISC), the largest non-medical senior care service provider in the U.S., to provide family care to local seniors.

CBT pointed out that HISC was established in 1994 and has annual revenue of more than US$800 million and over 900 global service points.

Taiwan's Excelsior Healthcare Group has tied up with the Lung Yen Group, a funeral service provider, to set up the Asia Best Healthcare (ABH) to offer long-term senior and medical care.

ABH's CEO C.H. Chen pointed out that his company's bed number has exceeded 3,000 and will increase to 5,000 by 2013 to take 25% of the long-term care market on the island.

Some are also eyeing such market in China, including ShareHope Medicine Co., Ltd., which has set up a long-term senior/medical care service in Tianjin, China.