Abstract
Why buy this report
- Get insight into trends in market performance
- Pinpoint growth sectors and identify factors driving change
- Identify market and brand leaders and understand the competitive
environment
Product coverage
Adult mouthcare; Allergy care; Analgesics; Calming and sleeping products;
Child-specific OTC healthcare; Cough; cold and allergy (hay fever) remedies;
Digestive remedies; Ear care; Emergency contraception; Eye care; Medicated
skin care; NRT Smoking cessation aids; OTC obesity; OTC statins; OTC triptans;
Vitamins and dietary supplements; Wound treatments
Executive summary
New government policies advocate self-medication
The government has implemented a new policy to reduce the number of drugs
available for reimbursement in an effort to combat the rising National Health
Insurance (NHI) deficit. As a result, it is now allowing more drugs to be sold
over the counter. Many drugs which had previously only been available via a
doctor' s prescription are now readily available off the shelf. These changes
encourage self-medication and will help consumers save money on medical
consultation costs over the long term.
Vitamins and dietary supplements records the best performance
Vitamins and dietary supplements (VDS) overtook NRT smoking cessation aids as
the best performer during the 2001-2006 review period. Changing demographic
patterns and rising health awareness attributed to the high growth of VDS.
Multivitamins accounted for the largest proportion of VDS, with VDS itself
comprising the vast majority of OTC health care sales. In addition, both
multivitamins, and VDS as a whole recorded steady growth over the review
period.
Growing interest in herbal OTC products
Most types of herbal OTC products recorded notable growth in 2006. Consumers
are positive about herbal OTC products as they are perceived to be more
effective and less harmful to the health. As a result, it is expected that
herbal OTC products will enjoy strong forecast growth with players continuing
to develop herbal ranges offering consumers value-added products.
Price increase across most OTC products
Price increases were notable in most ranges as the government implemented
changes to its OTC healthcare policy. As more drugs are now available over the
counter, manufacturers have been pumping investments into their marketing in
order to be competitive and increase sales. In addition to these higher costs,
many players also felt justified in increasing their unit prices as they had
to offset a hike in the costs of raw materials towards the end of the review
period.
Companies seek a more professional image
More companies are trying to differentiate their brands from those of other
players by launching their products via chemists/pharmacies and hospitals.
This is intended to create the impression that professional medical
institutions choose their products as this boosts consumer confidence in their
efficacy. However, it is still not known if this will be successful in helping
to significantly improve sales -- direct sales, for example, remains the main
distribution channel, and is well-established and deeply entrenched in Taiwan.
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