Taipei, TW, October 28, 2015 — Healthcare CEOs in Taiwan expect to benefit from reforms and growth of healthcare IT in 2016, according to a recent forum organized by Cornerstone International Group here.
The meeting of key healthcare leaders launched a new Life Science practice group for Cornerstone International Group in Asia. The organization is a global leader in executive search and leadership development with 70 offices worldwide.
“Taiwan has one of Asia’s most highly-praised healthcare systems,” says Dominic Yim, head of the life science and healthcare practice. “But, as with many economies today, the government is facing new pressures from a rapidly ageing population and rising healthcare costs.
“Taiwan’s healthcare organizations also face a dynamic operating environment where they must respond quickly to changes in the marketplace.”
At 6.4% of GDP, healthcare expenditure is second only to defense in Taiwan, ROC. The life sciences market consists largely of international pharmaceutical and medical device companies, as well as a large segment of local and domestic players including hundreds of R&D centers and local manufacturers of generic pharmaceutical and bio-technology products.
According to the CEOs in attendance, the sector will benefit in 2016 from healthcare reforms and a renewed emphasis on improved patient care. Another area of growth is the development of healthcare IT. Taiwan is boosting a well-developed infrastructure in education, training, R&D and government support programs to further development of holistic medical IT solutions.
“A major challenge is the shortage of talent and a lack of employee engagement,” says Yim.
As an employment market, Taiwan has been losing leadership and specialist talent for the past decade to mainland China, which is offering higher salaries, greater career advancement opportunities and a larger market.
Companies in Taiwan are facing a shortage of professional talent with life science experience and expertise to direct critical change management and lead growth strategies.
Managing Partner, Life Science Practice Group
Cornerstone International Group – Taiwan