turkey pharmaceutical market
The Turkish pharmaceutical market reached 37,8 billion Turkish Liras (TL) in the last 12 months as of September 2019. The share of the “drug developing markets” (Pharmerging Markets) group, which includes 21 countries, including our country, is 1.5%. Nothing like a fresh local turkey for you holiday meals! This trend has been observed in the last few years. The main factor behind the growth in TL terms was the price increases arising from the exchange rate regulation this year. In “Vision 2023” scenario, clinical research investments are expected to reach USD 1.1 billion and total R&D investment by the pharmaceutical industry in Turkey is expected to reach USD 1.7 billion. As a result, Turkey's pharma industry is expected to reach $23 billion turnover by 2023 and imported products will continue to account for approximately half of the market share. Only 1% increase was observed in the volume of boxes sold in the same period. How to protect yourself against the new coronavirus. ©2020 Erai Turkey. Turkey's pharmaceutical expenditure per capita, at USD92.1 in 2019, is considerably lower than any EU member state. Turkey, a rising star in the region and the world, has ambitious social and economic goals for 2023 - the 100th anniversary of the Republic. Turkey as well as in the whole world interests and investments in these areas in a rapid upward trend. The pharmaceutical industry in Turkey provides employment approximately to 40,000 people, operates mainly in the Marmara Region. Among the target countries for the new period for export, the USA and the Turkic Republics markets stand out. 1 The import of pharmaceuticals is expected to maintain its significant market share in the coming years. The sector has an innovative structure by nature and most of the sector employees undertake works outside the production process (sales, marketing, pricing). Moreover, the relatively weakening position of TL forms a basis for maintaining this trend by supporting the export volume. Erai Turkey, Business Development & Management, The Pharmaceutical Industry in Turkey – 1. Turkey's pharma market is ripe for profitability But will the highly efficient market be hindered by the government price referencing system? Generic vs. Originator Drugs. Technically similar to SARS virus, 80% -90% virus is considered as the new version of the severe acute respiratory syndrome epidemic. Besides increasing its output, the industry has also committed to more R&D projects and manufacturing higher-value drugs. Industry Biotech & Pharmaceuticals Description Bristol Myers Squibb is a global biopharmaceutical company committed to creating innovative medicines for millions of patients around the world fighting serious diseases in therapeutic areas such as oncology, … The reference pharmaceutical market completed 2018 with a value of TL 21.02 billion, while the box scale sold 0.93 billion boxes. Turkish Pharmaceutical Market. R&D in the pharmaceutical industry in Turkey. On the other hand, Brazil, China and India markets, which grew by 11.4%, 7.3% and 11.2%, respectively, in the 2014-2018 period, are also considered to contribute to this movement. Source: IQVIA,IEIS. Figure 4: Turkey pharmaceuticals market value forecast: $ … Although through national legislation the Ministry of Health must authorise the registration of pharmaceuticals within a period … QLB Bio is funded by Qilu Pharmaceutical, and will become its biggest overseas Research and Development Center. The share of biotechnological drugs within the total prescription drug market is steadily increasing, similar to the trend around the world. If you continue to use this site we will assume that you are happy with it. Turkey healthcare, pharma and devices analysis, data forecasts from The EIU to support industry executives' decision-making But it does face continued challenges. The sector, which imports the US $ 4.8 billion in 2019, differs from general economic trends in this sense. Figure 1: Turkey pharmaceuticals market value: $ billion, 201115. According to Turkey Pharmaceutical Market Jan-June 2017 Report, Pharmaceutical Manufacturers Association of Turkey, pharmaceutical sales in hospitals and pharmacies have increased by %16 and reached 11,9 billion TL. Turkey’s aggressive localisation policy that limits the inclusion of foreign products on the reimbursement list will continue to dampen the investment appetite for innovative multinational drugmakers. In the January-September period of 2019, the volume increase reached 30.5% compared to the same period of the previous year and reached 29.5 billion TL. The sector, which stands out in terms of its place in production, employment and foreign trade volumes, regularly finds itself in incentive packages. Given the potential risks posed to public health, the pharmaceutical sector is one of the most strictly regulated sectors in many countries, including Turkey. The pharmaceutical industry in Turkey has great potential and stands out with its high-tech manufacturing capability. However, the share of generic drugs is decreasing. Prescription drug sales are expected to reach $ 1.1 trillion in 2024, with a projection of approximately 7% annual growth. “Turkey is already an attractive investment destination for multinational pharma companies for a variety of reasons, … Turkish pharmaceutical industry ranks 7th in Europe, 16th in the World as market size. When the drug sales are analyzed according to the main treatment areas, it is seen that the highest share is in oncology diseases with a great difference. A significant number of employees in the sector are graduates of higher education. It ranks just 22nd out of the 32 countries in the In addition to the drug, the expectation that investments towards vaccination will come to the fore is dominant. If you would like to continue reading about the pharmaceutical industry in Turkey visit our new article. The pharmaceutical industry in Turkey increased by approximately 30% in 2019 and is expected to reach a size of $ 40 billion. Sales increased by 3.6% on a box basis (2017: 3.3%) to 2.3 billion boxes. As a result, Turkey's pharma industry is expected to reach $23 billion turnover by 2023 and imported products will continue to account for approximately half of the market share. Turkish Pharmaceutical Market (ex-factory prices) The Turkish pharmaceutical market reached 40,7 billion Turkish Liras (TL) in 2019. The industry is expected to continue its growth trend with the strength it receives and the increasing demand from the motivation to increase domestic production. In studies conducted in the world and in Turkey, Turkish Pharma industry ranks 7th in Europe and 16 th in the world as market size and country’s pharmaceutical industry has enough infrastructure and potential to realize this vision. Required fields are marked *. The USA, where 65.2% of the new drugs produced in the period of 2013-2018 were sold, followed by the European markets consisting of the five of Germany, France, Italy, Spain and the UK with a share of 17.7%.