Turkey’s pharmaceutical industry set to hit $5.53 billion by 2020
The vast reforms seen throughout Turkey’s pharmaceutical market create a number of opportunities for pharmaceutical manufacturers.
The pharmaceutical market in Turkey is set to rise from $5 billion in 2015 to $5.53 billion by 2020, representing a compound annual growth rate of 2%, according to research and consulting firm GlobalData.
The company’s latest report, 'CountryFocus: Healthcare, Regulatory and Reimbursement Landscape – Turkey' states that Turkey’s pharmaceutical market has changed extensively over the past decade due to the Health Transformation Program – introduced by the government in 2003 – and has become one of the country’s most progressive sectors.
Due to the impact of the Health Transformation Program, pharmaceutical sales, as measured by volume, increased by 22.1% from 2009 to 2014. This was mainly supported by improved medical access and an increase in the number of multinational pharmaceutical companies in the Turkish pharmaceutical market. Turkish pharmaceuticals are now sold in 144 countries, which include member nations of the European Union, the Commonwealth of Independent States, North Africa, and the Middle East.
The vast reforms seen throughout Turkey’s pharmaceutical market mean there are a number of opportunities open to pharmaceutical manufacturers. For example, branded drugs worth millions of dollars are expected to lose their patents in the next couple of years in certain big markets, presenting a significant opportunity in terms of exports and overseas partnerships for Turkish generic manufacturers.
Low government debt and sufficient reserves will also present significant foreign investment opportunities, as GDP per capita has more than tripled over the past decade. Turkey is now a burgeoning trade player in the region, as pharmaceutical exports have increased by 80% in five years, hitting $8.56 million in 2014. High demand for US exports is also providing the country with a way to grow its pharmaceutical market.
Despite the clear opportunities associated with Turkey’s pharmaceutical space, there will still be significant barriers impeding potential growth over the forecast period. For example, a lack of transparency in the regulatory environment could deter clinical investment in the industry, and high private healthcare expenditure and low coverage of services continue to make Turkey’s pharmaceutical market difficult to navigate.
Related News
-
News Ophthalmologic drug product Eylea faces biosimilar threats after FDA approvals
Regeneron Pharmaceutical’s blockbuster ophthalmology drug Eylea is facing biosimilar competition as the US FDA approves Biocon’s Yesafili and Samsung Bioepis/Biogen’s Opuviz. -
News ONO Pharmaceutical expands oncology portfolio with acquisition of Deciphera
ONO Pharmaceutical, out of Japan, is in the process of acquiring cancer-therapy maker Deciphera Pharmaceuticals for US$2.4 billion. -
News First offers for pharma from Medicare drug price negotiations
Ten high-cost drugs from various pharma manufacturers are in pricing negotiations in a first-ever for the US Medicare program. President Biden’s administration stated they have responded to the first round of offers. -
News Eli Lilly’s Zepbound makes leaps and bounds in weight-loss drug market
In the last week, Eli Lilly has announced their partnership with Amazon.com’s pharmacy unit to deliver prescriptions of Zepbound. Zepbound has also surpassed Novo Nordisk’s Wegovy for the number of prescriptions for the week of March 8.&nbs... -
News Chasing new frontiers at LEAP – The National Biotechnology Strategy Keynote
On the third day of LEAP (4–7 March 2024, Riyadh Exhibition and Convention Centre, Malham, Saudi Arabia) the CPHI Middle East team hosted the Future Pharma Forum, to set the scene for an exciting new event for the pharma community, coming to Riya... -
News Pfizer maps out plans for developing new oncology therapeutics by 2030
Pfizer dilvulges plans to investors around growing their cancer portfolio, and the drugs they will be focusing on developing after their aquisition of Seagen in 2023. -
News Generics threat to Merck’s Bridion as Hikma seeks pre-patent expiry approval
Merck has disclosed they received notice from Hikma Pharmaceuticals for seeking a pre-patent expiry US FDA approval for Hikma’s generic version of Merck’s Bridion. -
News Bernie Sanders vs Big Pharma - the latest on drug price negotiations
In a hearing in front of the US Senate, three of the biggest pharmaceutical companies in America are challenged over exorbitant prescription drug prices, with Sanders claiming their actions are limiting the population's access to affordable healthc...
Position your company at the heart of the global Pharma industry with a CPHI Online membership
-
Your products and solutions visible to thousands of visitors within the largest Pharma marketplace
-
Generate high-quality, engaged leads for your business, all year round
-
Promote your business as the industry’s thought-leader by hosting your reports, brochures and videos within your profile
-
Your company’s profile boosted at all participating CPHI events
-
An easy-to-use platform with a detailed dashboard showing your leads and performance