Here are five things to know:
1. Taiwan’s population increased from 2008 to 2013 from 23 million to 23.4 million due to rising life expectancy, but birth rate decreased at a negative compound annual growth rate of 0.2 percent.
2. The pharmaceutical market was estimated at $5.4 billion in 2013 and is projected to jump to $8.4 billion by 2020; that’s a compound annual growth rate of 6.4 percent.
3. The medical device market was worth $2.2 billion in 2013 and is expected to reach $3.1 billion by 2020.
4. The medical device market is expected to grow at a compound annual growth rate of 5.3 percent primarily due to increasing elderly populations and universal healthcare coverage.
5. The government initiatives, including reduced income tax for new pharmaceutical companies establishing themselves in Taiwan, are expected to encourage foreign companies to invest there, further boosting the market.
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