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| The Economic Roundup is an excerpted translation of the Chinese-language ROC Economic Yearbook published by the Economic Daily News, a sister publication of the Taiwan Economic News. The yearbook is the most comprehensive and authoritative source for understanding the fundamentals of Taiwan's economy, both in the macro and micro aspects. The excerpted translation gives foreign readers a concise view of the island's overall economic picture. It is divided into four parts: general economy, primary industries, secondary industries, and tertiary industries. |
| Secondary Industries > Pharmaceuticals Industry |
| The pharmaceutical industry is closely related to human health and is an industry with a long life cycle and a long development period. It has been designated as one of the important high-tech industries in advanced countries, and is one of the 10 major emerging industries designated by the government for priority development and eligible for investment tax credit incentives.
At the moment, Taiwan's pharmaceutical industry is undergoing a structural change. In 2005, the production value of the local industry reached NT$60.2 billion. The island's exports of pharmaceutical products came to NT$4.6 billion last year, up 7.5% from 2003's NT$3.71 billion. Imports rose sharply to NT$43.5 billion in 2005 from NT$32.81 billion in 2004. There were a total of 414 makers of pharmaceutical products in Taiwan with a total workforce of 12,931 people.
Based on the experience of advanced countries, the market demand for pharmaceuticals will grow along with the increase in per capita national income. According to an analytical report offered by BCC Inc., the annual market demand for pharmaceuticals stood at US$593.1 billion in 2003, and is estimated to hit a high of US$901.4 billion in 2008, for an annual compound growth of 8.7%.
Taiwan's pharmaceutical industry is expected to face serious impact from the island's entry into the World Trade Organization (WTO), the implementation of the national health program, and the separation of medical care and pharmaceuticals in the short term. But over the long term, domestic makers in the line still enjoy room for further development as a result of increasing domestic demand. |
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