The number of drugstores, as well as pharmaceutical and medical supply retailers, reached 10,584 last year, surpassing the number of convenience stores, as companies seek to tap into the market for the nation’s rapidly aging population, Sinyi Realty Inc (信義房屋) said on Wednesday.
The number suggests a new high, as revenue in the sector last year grew 7 percent year-on-year to NT$166.9 billion (US$5.44 billion), Sinyi Realty said, citing data from the Ministry of Finance.
The uptrend can be attributed to Taiwan’s fast-growing population of elderly people, Sinyi Realty research manager Tseng Ching-der (曾敬德) said, with people aged 65 or older forecast to reach 4.68 million in 2025, or 20 percent of the total, pushing Taiwan into the ranks of super-aged societies.
Photo: CNA
Elderly people regularly visit drugstores to have their prescriptions filled, and purchase health supplements and medical equipment, Tseng said.
Drugstores have diversified their operations to offer pet care products and services to meet demand, he said.
Furthermore, pharmacies have evolved into chain stores to serve more customers and grab more market share, Tseng said.
Chain stores make up 20 percent of the drugstore market in Taiwan, far lower than that in the US and Japan, suggesting ample room for improvement, he added.
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