Pharmaceutical industry hits 100 billion mark for four consecutive yearFeb 06, 2024

  • The Department of Statistics, Ministry of Economic Affairs (hereinafter "the Ministry") announced that the value of 2023 production reached TWD$117.6 billion as of November 2023.
  • The amount surpassed the entire year of 2022 and hit the 100 billion mark for four consecutive years.
  • Driven by the global pandemic and ageing challenges, the investment in R&D and productivity increased.

Breaking down by product category, “Pharmaceuticals and chemical products” crossed the 100 billion mark for the first time in 2022, ending the year at TWD$117.3bn, up 9.8% year-on-year.

Although annual statistics for 2023 have yet to be released, the first 11 months have shown an upward trend. The ministry said that as a result of policy issues and the industry’s expansion of R&D and manufacturing capacity, output to overseas markets escalated to TWD$117.6bn, an increase of 10.1% compared to last year.   

Among the five sub-categories of “pharmaceuticals and chemical products”, “non-Chinese pharmaceuticals” contributed large to the record-breaking output value. Demand from the US and more local facilities have pushed up pharmaceutical sales by 32.9% year-on-year to TWD$65.1bn.  

APIs are closely followed. Generally, 90% of APIs are sold to other markets, which is even more the case for API approvals. This sector reached the 20 billion mark in 2022 and posted 27bn the following year, with a growth rate of 31.2%.

In terms of market share, the US accounted for almost 40%, with the EU and ASEAN accounting for 10.8% and 10.5% respectively. In 2023, the value of production increased to $1.8 billion in US dollars, up 16.3% from the previous year.