
Pharmacies proliferate as Taiwan’s population demographics trend older
Taiwan’s pharmacy business just keeps growing. On some busy street corners, you might be in sight of half a dozen pharmacies. That’s partly because of the growing power of chain pharmacies, which in some cases are listing on the stock market. But there are still lots of more traditional mom-and-pop pharmacies up and down the country. The market can sustain ever more stores, as Taiwan’s population demographics trend older and older.
Baby products, maternity products, kids’ medicines… A shelf packed with health foods of all kinds, care from head to toe, from cradle to grave. It’s all in one store. And pharmacies are popping up everywhere as social demographics shift.
Wu Jen-yu
FTV reporter
Next year, Taiwan will become a “super-aged society.” More and more pharmacies are opening, banking on the “older adult market.”
Member of public
It’s near home and you don’t have to pay for a doctor’s appointment, you can just buy your medicines. It’s more convenient. I buy sore throat medicine and adhesive bandages.
Member of public
It’s very convenient for us now. It’s very expensive for old people like us to get a bus to the big hospital and have to queue up there.
As more stores open, competition heats up. Chain pharmacies are creating their own retail opportunities, and vying to get into capital markets. In 2016, the Great Tree chain was the first pharmacy to be listed on the stock exchange, and it was followed this March by Norbel and Your Chance.
Huang Wen-ching
Analyst
For a company, getting listed, or having shareholders or one shareholder with a strong capital structure… I think in the future, it will create a stronger and more complete supply chain, in terms of your future retail deployment and the results of your running operations.
This analyst suggests that as chain pharmacies proliferate, the market for smaller, traditional community-based pharmacies will shrink. Private pharmacy owners will have to adapt their business models and increase local services. They may also be pharmacies, but their revenue streams are very different from the big chains.
Shen Tsai-ying
Pharmacist
Prescriptions are about 30-40% of business at community-based pharmacies, especially individual single stores like this one. Health products and medications are probably another 30-40%. At some chain pharmacies, they may also offer assistive devices, and their medical equipment and assistive devices might be 20-30% of their business.
Many big corporations are getting into the pharmacy business, with the thought of Taiwan’s aging population in mind. The pharmaceutical retail business shows no signs of slowing down.
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2024-09-16