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- Top 20 by sector (number of companies): Biopharmaceutical (9), Pharmacy & Distributor (4), Medical Devices R&D, Manufacturing (4), Food Science, Technology and Health Supplements (2), and Aesthetic Medicine & Beauty Care (1).
- Top 20 average growth rate at 6.94%, with four presented negative growth: TaiDoc Technology (-50.1%), Cowealth Medical Holding (-13.9%), YungShin Global Holding (-3.9%), and Orient EuroPharma (-3.2%).
- Four in the 'billion club': Lotus Pharmaceutical ($17bn), Great Tree Pharmacy ($16.1bn), Bora Pharmaceuticals ($14.2bn), and Grape King Bio ($10.6bn).
Lotus Pharmaceutical, a leader in specialty generics, achieved a record high revenue in 2023 with 15.9% YoY growth.
Bora Pharmaceuticals, which has recently listed on the Taipei Exchange, bagged $14.2bn in revenue from its bullish CDMO business and global sales in 2023, up 35.3% compared to last year.
Top 20 by Revenue 2023: Listed and OTC Combined
Rank |
Stock Exchange |
Company |
2023 TWD, 100M |
2022 TWD, 100M |
YoY Growth (%) |
3-Year CAGR |
Rank +/- |
1 |
Listed |
Lotus Pharmaceutical Co., Ltd. (1795) |
169.6 |
146.3 |
15.9 |
10.4 |
+1 |
2 |
OTC |
Great Tree Pharmacy Co., Ltd. (6469) |
161.3 |
145.8 |
10.6 |
12.7 |
+1 |
3 |
Listed |
Bora Pharmaceuticals Co., LTD. (6472) |
142.0 |
103.2 |
35.3 |
42.5 |
+2 |
4 |
Listed |
Grape King Bio Ltd (1707) |
106.4 |
103.9 |
2.4 |
2.8 |
+0 |
5 |
Listed |
China Chemical & Pharmaceutical Co., Ltd. (1701) |
85.7 |
82.6 |
1.4 |
2.4 |
+2 |
6 |
Listed |
Excelsior Medical Co., Ltd. (4104) |
82.3 |
71.9 |
14.6 |
7.8 |
+5 |
7 |
OTC |
TCI Co., Ltd. (8436) |
80.2 |
74.3 |
7.8 |
-2.2 |
+1 |
8 |
OTC |
MedFirst Healthcare Services, Inc. (4175) |
74.5 |
72.3 |
3.0 |
4.4 |
+2 |
9 |
Listed |
YungShin Global Holding Corporation (3705) |
70.3 |
73.1 |
-3.9 |
-3.4 |
+0 |
10 |
Listed |
Pegavision Corporation (6491) |
67.9 |
63.2 |
7.4 |
6.6 |
+3 |
11 |
Listed |
Standard Chemical & Pharmaceutical Co. Ltd. (1720) |
62.4 |
58.5 |
6.7 |
10.7 |
+3 |
12 |
OTC |
TTY Biopharm Company Limited (4105) |
54.8 |
50.6 |
8.3 |
6.5 |
+4 |
13 |
OTC |
Synmosa Biopharma Corporation (4114) |
51.2 |
44.0 |
16.5 |
16.5 |
+7 |
14 |
OTC |
PharmaEssentia Corporation (6446) |
51.1 |
28.8 |
77.2 |
97.8 |
+21 |
15 |
OTC |
Cowealth Medical Holding Co., Ltd. (4745) |
48.4 |
56.2 |
-13.9 |
-2.0 |
+0 |
16 |
Listed |
TaiDoc Technology Corporation (4736) |
48.1 |
96.3 |
-50.1 |
-9.5 |
-10 |
17 |
OTC |
Orient EuroPharma Co., Ltd. (4120) |
45.8 |
47.3 |
-3.2 |
-1.3 |
+1 |
18 |
OTC |
BenQ Medical Technology Corporation (4116) |
45.4 |
29.5 |
3.8 |
46.0 |
+16 |
19 |
Listed |
Chlitina Holding Limited (4137) |
45.3 |
40.7 |
11.4 |
-4.9 |
+5 |
20 |
OTC |
St.Shine Optical Co.,Ltd. (1565) |
43.9 |
50.0 |
-12.2 |
-6.7 |
-3 |
Top 20 ‘new faces’- PharmaEssentia, BenQ Medical Technology and Chlitina Holding
The year 2023 was fruitful for PharmaEssentia as it reaped sales of its polycythemia vera (PV) drug Besremi® in the US and Europe, increasing by $2.22bn from 2022 to a total of $5.11bn in 2023. Its ranking jumped from 34 to 14.
BenQ Medical, a subsidiary of Qisda Group, broke its revenue record in 2022 and again the following year with $4.54bn, up nearly 3.8% year-on-year, driven by the buying of a 40% stake in K2 Medical to further develop its product portfolio in dialysis and aesthetic medical devices.
Known for its beauty care business in both Taiwan and China, Chlitina Holding’s revenue streams come from facial care, medical aesthetic brands, and e-commerce. The company posted double-digit growth of 11.4%, moving from 23 to 17 in the ranking.
Aside from the ‘new faces’, Hi-Clearance Inc, Rossmax and Norbel Baby dropped out of the top 20, due to slowing market demand for COVID-19 related products. In 2023, Hi-Clearance's sales fell by $794m, Rossmax's by $537m and Norbel Baby's by $600m.
Top listed companies with 15% revenue growth- Bora, CHC, Lotus and Formosa Laboratories
Bora Pharmaceuticals netted $14.2bn (+35.4%) in 2023, thanks to its bullish CDMO business worldwide and acquisition of TWi Pharmaceuticals.
CHC Healthcare has been actively promoting proton therapy and MRI equipment in recent years. In 2023, the first year when healthcare business started to recover from the global pandemic, CHC’s operation too, saw demand for oncology, radiology, and ophthalmology. Revenue 2023 also included the NT$520 million contract signed with the Ministry of National Défense in 2022, which was recognised as earning in the last quarter of 2023. CHC posted $3.87bn, up 30.6% from 2022.
Sales of opioid use disorder medication (buprenorphine/naloxone) and blood cancer drug (lenalidomide) in Taiwan and ASEAN countries were positive for Lotus Pharmaceutical, where it generated $17bn - almost 16% of revenue growth.
Formosa Laboratories' sales were driven by the growth of its API and vitamin D derivatives business, where market share increased, and its ADC and CDMO business took off, resulting in a growth rate of 15.6%, with a total revenue of $4.36bn.
TOP 20 listed companies 2023
Rank |
Company |
Revenue 2023 (QoQ Growth%) |
Q1 |
Q2 |
Q3 |
Q4 |
Q1-Q4 |
1 |
Lotus Pharmaceutical Co., Ltd. (1795) |
45.2(43.0%) |
44.5(52.9%) |
45.7(-15.2%) |
34.2(7.9%) |
169.6(15.9%) |
2 |
Bora Pharmaceuticals Co., LTD. (6472) |
48.6(333.9%) |
30.6(126.7%) |
30.7(12.5%) |
32.1(-39.3%) |
142.0(35.4%) |
3 |
Grape King Bio Ltd (1707) |
22.2(8.3%) |
26.6(-2.6%) |
25.6(2.8%) |
32.0(2.6%) |
106.4(2.4%) |
4 |
China Chemical & Pharmaceutical Co., Ltd. (1701) |
21.1(8.2%) |
21.2(1.4%) |
21.2(2.9%) |
22.2(-5.9%) |
85.7(1.3%) |
5 |
Excelsior Medical Co., Ltd. (4104) |
20.2(18.1%) |
20.1(20.4%) |
20.2(9.8%) |
21.8(10.7%) |
82.3(14.5%) |
6 |
YungShin Global Holding Corporation (3705) |
16.7(-14.4%) |
17.0(-13.3%) |
17.4(7.4%) |
19.2(7.9%) |
70.3(-3.8%) |
7 |
Pegavision Corporation (6491) |
14.6(-2.0%) |
16.1(14.2%) |
16.8(2.4%) |
20.4(14.6%) |
67.9(7.4%) |
8 |
Standard Chemical & Pharmaceutical Co. Ltd. (1720) |
14.9(20.2%) |
15.1(2.0%) |
16.5(6.5%) |
15.9(0.6%) |
62.4(6.7%) |
9 |
TaiDoc Technology Corporation (4736) |
15.4(-14.0%) |
11.9(-67.2%) |
10.0(-58.3%) |
10.8(-40.3%) |
48.1(-50.1%) |
10 |
Chlitina Holding Limited (4137) |
9.5(-7.8%) |
11.2(45.5%) |
12.4(2.5%) |
12.2(15.1%) |
45.3(11.3%) |
11 |
Formosa Laboratories, Inc. (4746) |
9.3(12.0%) |
10.9(29.8%) |
11.3(9.7%) |
12.1(13.1%) |
43.6(15.6%) |
12 |
CHC Healthcare Group (4164) |
8.0(31.1%) |
8.9(29.0%) |
7.3(-11.0%) |
14.6(71.8%) |
38.8(30.6%) |
13 |
ScinoPharm Taiwan, Ltd. (1789) |
6.5(-12.2%) |
7.5(-6.2%) |
6.6(-7.0%) |
11.3(11.9%) |
31.9(-2.1%) |
14 |
Jourdeness Group Limited (4190) |
7.8(21.9%) |
8.2(26.2%) |
6.7(0.0%) |
7.1(-14.5%) |
29.8(6.8%) |
15 |
Sinphar Pharmaceutical Co.,Ltd. (1734) |
7.7(14.9%) |
7.3(2.8%) |
7.2(1.4%) |
7.4(-3.9%) |
29.6(3.5%) |
16 |
All Cosmos Bio-Tech Holding Corporation (4148) |
7.8(16.4%) |
8.0(-13.0%) |
6.8(-45.2%) |
5.6(-36.4%) |
28.2(-24.0%) |
17 |
Wellell Inc. (4106) |
7.0(16.7%) |
7.0(2.9%) |
5.7(-17.4%) |
6.8(-1.4%) |
26.5(-0.4%) |
18 |
Visco Vision Inc. (6782) |
5.2(-20.0%) |
5.4(-26.0%) |
6.5(-8.5%) |
6.8(-1.4%) |
23.9(-14.0%) |
19 |
Nang Kuang Pharmaceutical Co., Ltd. (1752) |
5.7(50.0%) |
5.3(12.8%) |
5.3(8.2%) |
5.2(-13.3%) |
21.5(10.8%) |
20 |
Chunghwa Chemical Synthesis & Biotech Co., Ltd. (1762) |
7.7(45.3%) |
5.2(-10.3%) |
3.4(-26.1%) |
4.6(-16.4%) |
20.9(-1.4%) |
Top OTC companies with 20% revenue growth- PharmaEssentia, ShinyBrands and United Orthopaedic
Except PharmaEssentia, joining the list with a growth rate of well over 20% in 2023 are two companies: ShinyBrands, a provider of beauty care products, which recently acquired a 45% stake from Yuan Care, boasts an astounding 73.7% year-on-year growth, with annual sales rising to NT$2.97bn contributed by its e-commerce platform.
Another is United Orthopedic, which focuses on ‘me-better’ surgical instruments and arthroplasty tools, accounting for 0.5% of the global market share. Sales in 2023 reached $3.93bn (+24%), thanks to the company's business engagement in Europe, Japan and the US, which grew by 45% each. The EU and US markets have become profitable, and the company expects to balance P/L out in Japan by 2024.
TOP 20 OTC companies 2023
Rank |
Company |
Revenue 2023 (QoQ Growth%) |
Q1 |
Q2 |
Q3 |
Q4 |
Q1-Q4 |
1 |
Great Tree Pharmacy Co., Ltd. (6469) |
38.2(19.4%) |
40.6(2.3%) |
40.5(11.9%) |
42.0(10.8%) |
161.3(10.6%) |
2 |
TCI Co., Ltd. (8436) |
18.7(12.7%) |
19.7(6.5%) |
22.1(7.3%) |
19.7(5.9%) |
80.2(7.9%) |
3 |
MedFirst Healthcare Services, Inc. (4175) |
17.5(8.7%) |
18.4(-9.8%) |
18.6(8.8%) |
20.0(7.0%) |
74.5(3.0%) |
4 |
TTY Biopharm Company Limited (4105) |
11.7(12.5%) |
12.6(8.6%) |
14.3(7.5%) |
16.2(5.9%) |
54.8(8.3%) |
5 |
Synmosa Biopharma Corporation (4114) |
12.5(28.9%) |
13.1(23.6%) |
12.3(11.8%) |
13.3(4.7%) |
51.2(16.4%) |
6 |
PharmaEssentia Corporation (6446) |
8.9(256.0%) |
12.6(28.6%) |
13.1(61.7%) |
16.5(96.4%) |
51.1(77.4%) |
7 |
Cowealth Medical Holding Co., Ltd. (4745) |
11.8(-13.2%) |
13.1(-5.8%) |
11.8(-20.3%) |
11.7(-15.8%) |
48.4(-13.9%) |
8 |
Orient EuroPharma Co., Ltd. (4120) |
11.5(0.9%) |
11.3(-6.6%) |
11.0(0.0%) |
12.0(-6.2%) |
45.8(-3.2%) |
9 |
BenQ Medical Technology Corporation (4116) |
6.9(11.3%) |
7.3(-8.8%) |
19.1(7.3%) |
12.1(2.5%) |
45.4(3.7%) |
10 |
St.Shine Optical Co.,Ltd. (1565) |
11.3(-16.3%) |
10.8(-11.5%) |
10.5(-18.6%) |
11.3(-0.9%) |
43.9(-12.2%) |
11 |
Universal Vision Biotechnology Co., Ltd. (3218) |
10.3(22.6%) |
10.0(28.2%) |
10.6(15.2%) |
9.9(4.2%) |
40.8(16.9%) |
12 |
United Orthopedic Corporation (4129) |
9.3(25.7%) |
9.3(22.4%) |
9.4(27.0%) |
11.3(21.5%) |
39.3(24.0%) |
13 |
Formosa Optical Technology Co.,Ltd. (5312) |
9.8(19.5%) |
9.4(30.6%) |
9.9(11.2%) |
9.9(10.0%) |
39.0(17.1%) |
14 |
Hi-Clearance Inc. (1788) |
9.7(-1.0%) |
9.6(-45.5%) |
9.8(-1.0%) |
9.9(3.1%) |
39.0(-16.8%) |
15 |
ShareHope Medicine Co., Ltd. (8403) |
9.0(-13.5%) |
9.3(-17.0%) |
9.7(-8.5%) |
10.7(16.3%) |
38.7(-6.5%) |
16 |
Rossmax International Ltd. (4121) |
9.3(2.2%) |
9.9(-23.8%) |
9.3(-13.1%) |
9.6(-9.4%) |
38.1(-12.2%) |
17 |
Shiny Brands Group Co., Ltd. (6703) |
5.1(59.4%) |
6.5(58.5%) |
7.8(95.0%) |
10.3(77.6%) |
29.7(73.7%) |
18 |
Morn Sun Feed Mill Corp. (1240) |
7.5(-1.3%) |
6.7(-23.9%) |
7.1(-13.4%) |
7.7(-15.4%) |
29.0(-13.9%) |
19 |
INTAI Technology Corporation (4163) |
6.6(29.4%) |
6.1(7.0%) |
5.9(-11.9%) |
5.8(-12.1%) |
24.4(1.2%) |
20 |
Pacific Hospital Supply Co., Ltd (4126) |
6.3(26.0%) |
5.9(22.9%) |
5.8(-1.7%) |
5.2(-14.8%) |
23.2(6.4%) |
Top emerging-stock companies with high revenue growth- Handa Pharmaceuticals, Orient EuroPharma and Vizionfocus
Among all companies, whether listed or private, Handa Pharmaceuticals has a staggering annual growth rate of 450% in 2023. With the successful launch of its GERD drug HND-002 and MS drug HND-020 in the US, the company has turned around from a loss to a profit in the first half of 2023 within 10 years of its inception.
Orient Pharma, a new drug development and CDMO company affiliated with Orient EuroPharma, generated $880m from sales of lipid-lowering and cholesterol-lowering medicines Zulitor and Ezetimibe, achieving a 72.5% growth rate.
Vizionfocus, which specialises in the design and manufacture of soft contact lenses, having enjoyed a year of revenue growth of $2.58bn (+41%) in 2023. With cost savings from automation in manufacturing and silicone products being available in its home country, Vizionfocus is poised to take on orders.
TOP 20 companies with emerging stocks (Taipei Exchange)
Rank |
Company |
Revenue 2023 (QoQ Growth%) |
Q1 |
Q2 |
Q3 |
Q4 |
Q1-Q4 |
1 |
Norbel Baby Co., Ltd (6844) |
9.4(-3.1%) |
9.2(-27.0%) |
8.8(-10.2%) |
8.6(-13.1%) |
36.0(-14.3%) |
2 |
WE CAN MEDICINES CO LTD (6929) |
7.7(6.9%) |
7.7(-23.8%) |
7.7(0.0%) |
8.1(1.2%) |
31.2(-5.5%) |
3 |
Vizionfocus Inc. (4771) |
5.1(41.7%) |
5.5(34.1%) |
7.1(36.5%) |
8.1(50.0%) |
25.8(41.0%) |
4 |
DV Biomed Co., Ltd. (6539) |
4.2(-14.3%) |
3.9(-9.3%) |
3.5(-22.2%) |
3.8(-24.0%) |
15.4(-17.6%) |
5 |
Healthconn Corp. (6665) |
3.3(-5.7%) |
2.9(-39.6%) |
3.2(-17.9%) |
3.2(-3.0%) |
12.6(-18.7%) |
6 |
Vetnostrum Animal Health Co., Ltd.(6936) |
3.1(-3.1%) |
2.8(-3.4%) |
3.2(14.3%) |
3.0(0.0%) |
12.1(1.7%) |
7 |
DAWUSHAN FARM TECHNOLOGY CO., LTD.(6952) |
- |
- |
3.2(3.2%) |
3.6(5.9%) |
11.5(-3.4%) |
8 |
Handa Pharmaceuticals, Inc. (6620) |
3.3(1000.0%) |
2.3(2200.0%) |
2.4(2300.0%) |
3.0(100.0%) |
11.0(450.0%) |
9 |
TCM Biotech International Corp. (4169) |
2.4(41.2%) |
2.3(15.0%) |
2.3(15.0%) |
2.7(17.4%) |
9.7(21.2%) |
10 |
Anxo Pharmaceutical Co., Ltd. (6677) |
2.3(27.8%) |
2.2(15.8%) |
2.2(-8.3%) |
2.7(8.0%) |
9.4(9.3%) |
11 |
WeLeader(7713) |
- |
- |
- |
- |
9.4(-9.6%) |
12 |
Orient Pharma Co., Ltd. (4166) |
2.0(66.7%) |
2.3(27.8%) |
2.0(53.8%) |
2.5(212.5%) |
8.8(72.5%) |
13 |
Qing Song (6931) |
2.0(81.8%) |
2.1(40.0%) |
2.2(15.8%) |
2.4(26.3%) |
8.7(35.9%) |
14 |
Unicon Optical Co., Ltd. (4150) |
1.9(-13.6%) |
1.8(-10.0%) |
2.4(26.3%) |
2.4(9.1%) |
8.5(2.4%) |
15 |
Concord Medical Co., Ltd. (6518) |
2.0(0.0%) |
2.0(-16.7%) |
2.1(-4.5%) |
2.2(-4.3%) |
8.3(-6.7%) |
16 |
Sunder Biomedical Tech. Co., Ltd. (4115) |
2.0(-33.3%) |
1.6(-40.7%) |
2.0(-23.1%) |
2.1(-4.5%) |
7.7(-26.7%) |
17 |
Amed Co., Ltd. (7575) |
1.7(13.3%) |
1.8(12.5%) |
2.0(11.1%) |
2.1(5.0%) |
7.6(10.1%) |
18 |
Perfect Medical Industry Co., Ltd. (6543) |
1.6(0.0%) |
1.8(5.9%) |
2.1(23.5%) |
1.8(0.0%) |
7.3(7.4%) |
19 |
Allied Biotech Corporation (1780) |
2.0(25.0%) |
1.8(-10.0%) |
1.8(-10.0%) |
1.6(0.0%) |
7.2(0.0%) |
20 |
Winston Medical Supply Co.,Ltd (6817) |
1.5(15.4%) |
1.9(18.7%) |
1.8(20.0%) |
1.9(11.8%) |
7.1(16.4%) |
Source: MOPS; compiled by IBMI & RBMP
Related Taiwan business watch 2023: Biomedical sector by revenue