Taiwan’s economy ranks 21st in the world, having a gross domestic product valued at $841bn. The annual total output value of the Taiwanese pharmaceutical industry has continued this trend of growth, increasing by 4.1% to NT$82.12bn ($2.6bn) in 2021. The key segments in the Taiwan pharmaceutical market are generics, biologics, biosimilars and over the counter (OTC) medicines. In recent years, the major industries of biological drugs, APIs and the Western medicine preparations have all grown steadily, while traditional Chinese medicine preparations have declined.
Taiwan’s pharmaceutical market is heavily reliant on imported drugs. Most pharma manufacturing facilities in Taiwan are either in Tainan, a...