Industry Watch
Taiwan business watch 2023: Biomedical sector by revenue
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The currency used in this article is the Taiwan Dollar, often referred to as NT$; the amount shown in the article is rounded.

The year 2023 posts $319bn in revenue, up 4.8%
  • Charts or tables shown below cover 224 companies listed on the Taipei Exchange (TPEx) and trading in OCT and emerging stock markets.
  • Total revenue of 2023 increased by $146bn to nearly $319bn, a 4.8% growth over the previous year.
Biomedical Industry Revenue 2018-2023
Year 2018 2019 2020 2021 2022 2023
Revenue(TWD, 100M) 2507 2475 2531 2913 3041 3187
YoY Growth 10.9% -1.3% 2.3% 15.1% 4.4% 4.8%
Note: Dyaco International, Johnson Health Tech and Chi Hua Fitness have moved from the category “Healthcare” to “Sports and Recreation” since July 2023, hence the exclusion of their revenue.
One third of total revenues generated by bio-pharmaceutical sector
  • “Bio-Pharmaceuticals” ended the year at over $100 billion, an increase of $11.2bn compared to last year.
  • “Medical Device R&D, Manufacturing” amounted to $71.1bn, despite a $5.1bn drop.
  • “Pharmacy & Distributor” climbed to $70.6bn, making almost $4.1bn more than that of 2022.
Biomedical sectors by revenue 2022-2023 (listed and unlisted combined)
Pharmacy & distributor sector tops average revenue
  • “Pharmacy & Distributor” sector has 19 companies that made $3.71bn in average- the highest among others.
  • Seven companies under “APIs” reached $1.93bn.
  • 14 companies under “Food Science & Health Supplements” ranked third with an average turnover of $18.2bn.
Cellular-related sector takes crown for year-on-year growth
  • "Cell Therapy" sector is still relatively new to the following chart, despite its impressive 38% growth rate.
  • "Aesthetic Medicine & Beauty Care" came second with 15.41%, followed by Bio-Pharmaceuticals with 13.87%.
  • Some sectors faced headwinds, namely "Genetic Testing & Wellness Check" at -7.67%, "Medical Device R&D, Manufacturing" at -6.75%, and "Agriculture & Agricultural Science" at -3.48%.
Overview of revenue 2023 with average and year-on-year growth
Business focus / product types Q1-Q4, 2023 Q1-Q4, 2022 YoY Growth (%) Top 3 by Revenue 2023
No. of Company Total Revenue (TWD, 100M) Average Revenue (TWD, 100M) Total Revenue (TWD, 100M)
Bio-Pharmaceuticals 73 1004.55 13.76 882.17 13.87 Lotus Pharmaceutical Co., Ltd. $17.0bn
Bora Pharmaceuticals Co., LTD. $14.2bn
China Chemical & Pharmaceutical Co., Ltd. $8.6bn
Medical Device R&D, Manufacturing 66 711.25 10.78 762.74 -6.75 Pegavision Corporation $6.8bn
TaiDoc Technology Corporation $4.8bn
BenQ Medical Technology Corporation $4.5bn
Pharmacy & Distributor 19 706.01 37.16 665.3 6.12 Great Tree Pharmacy Co., Ltd. $16.1bn
Excelsior Medical Co., Ltd. $8.2bn
MedFirst Healthcare Services, Inc. $7.5bn
Food Science & Health Supplement 14 253.84 18.13 248.94 1.97 Grape King Bio Ltd $10.6bn
TCI Co., Ltd. $8.0bn
Syngen Biotech Co.,Ltd. $1.8bn
Aesthetic Medicine & Beauty Care 11 168.96 15.36 146.4 15.41 Chlitina Holding Limited $4.5bn
Jourdeness Group Limited $3.0bn
Shiny Brands Group Co., Ltd. $3.0bn
APIs 7 135.61 19.37 128.66 5.4 Formosa Laboratories, Inc. $4.4bn
ScinoPharm Taiwan, Ltd. $3.2bn
Chunghwa Chemical Synthesis & Biotech Co., Ltd. $2.1bn
Agriculture & Agricultural Science 9 124.56 13.84 129.05 -3.48 Morn Sun Feed Mill Corp. $2.9bn
All Cosmos Bio-Tech Holding Corporation $2.8bn
Huikwang Corporation $1.5bn
CRO Service & Genetic Testing 13 52.34 4.03 56.69 -7.67 Healthconn Corp. $1.3bn
Level Biotechnology Inc. $0.7bn
Genetics Generation Advancement Corp. $0.6bn
Cell Therapy 12 29.96 2.5 21.71 38.0 BIONET Corp. $1.1bn
Ever Supreme Bio Technology Co., Ltd $0.8bn
Taiwan Advance Bio-Pharmaceutical Inc. $0.3bn
Total 224 3187.08 14.23 3041.67 4.78
Source: MOPS; compiled by IBMI & RBMP

Related Top 20 biomedical companies by revenue 2023

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