Taiwan Pharma Industry Optimism

The Taiwan drug industry has been growing at an average annual rate of6.6% during the last few years, and its output is expected to reach a value of NT$67.1 billion ($2.43 billion) in 2005, according to forecasts from the cabinet-level Council for Economic Planning and Development.

In 1990, pharmaceuticals was selected by the government as one of 10 "star" industries, and the industry's output rose during 1990-95 from NT$30 billion to NT$41.3 billion. The CEPD said it was optimistic despite strong foreign competition, because of the high quality of domestic manufacture, government backing and the market potential within the greater Chinese economic sphere.