Taiwan Over the Counter Drugs Market Research Report with Market Share and Growth Rate, Outlook to 2021
The Taiwan Over the Counter Drugs Market was worth USD 1.80 billion in 2016 and estimated to reach USD 2.39 billion by the end of 2021 with a growing potential of 5.82%. Taiwan Over the Counter Drugs market accounts for 3.5% of total Asia-Pacific OTC market
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The term ‘’Over the counter’’ mentions to pharmaceuticals, which are bought across the counter without any need of physicians’ prescription. OTC drugs are used to treat and prevent minor disorders, as growing aging population there is an increasing push to be able to license OTC medicines for the use of treatment of chronic conditions.
The aging population (>65) accounts for 11.4% of total population in Taiwan.
The government has reduced tax for the pharmaceutical industry as an encouragement to many foreign multinational companies to invest in Taiwan. The government has recently made 13 prescription drugs available over the counter, making a purchase of the drugs more convenient.
However, the government has also cut the price of drugs funded under the national health programmes.
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The Taiwan OTC pharmaceutical market is driven by factors such as lower costs compared to Prescription drugs, growing preference of using OTC drugs for minor ailments, increased health care expenditure, Government policies like healthcare infrastructure, insurance system. Cost sensitivity of production is the major factor inhibiting the growth of the market.
The Taiwan OTC Pharmaceutical Market is broadly categorized by Formulation type - Tablets, Liquids, Ointments, Sprays, by Product type - Cough and cold Flu drugs, Analgesics, Dermatologics, Gastrointestinal Drugs, Antiseptics, Anti-allergy drugs, Smoking Cessation Aids, Vitamins and Minerals, Ophthalmics, sleep aids, Weightloss/diet drugs and others(Ear Drops & Diuretics), by distribution channels - Pharmacies/Drug Stores, Supermarkets/Hypermarkets, convenience stores, others ( online drug stores ).
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Some of the key players dominating the Over the Counter Drugs market in Taiwan are Johnson & Johnson, Sinphar pharmaceutical co ltd, China Chemical & Pharmaceutical Co., Ltd, Daiichi Sankyo Co,. ltd, Glaxo smithkline, Bayer Health care, Merck Ltd, Novartis.
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