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Turkey Pharmaceuticals and Healthcare Report Q2 2008
Business Monitor International, May 2008, Pages: 73
The Turkey Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Turkeys pharmaceuticals and healthcare industry.
The Turkish pharmaceutical market is set to increase in value from an estimated US$7.9bn to US$12.5bn in 2012. The introduction of the new universal health insurance system, a landmark in the development of the Turkish health sector, will be a considerable factor in helping the industry modernise. In the meantime, local production will continue to be focused on generics, with unregistered copies remaining commonplace. The domestic industry’s research and development (R&D) capacity has historically been severely limited due to a lack of investment. However, this is likely to change, with foreign interest in the form of increased acquisition activity already in evidence.
For Q208, BMI’s Business Environment Rating once again places Turkey in second place, below only the United Arab Emirates (UAE). While its commercial potential is boosted by a large and expanding population, stringent price controls, an unstable political environment and deficiencies in its intellectual property (IP) regime represent key market access barriers to multinationals. Nevertheless, its geographical position between the East and the West and recent progress in membership negotiations with the European Union (EU) are increasing the country’s attractiveness to foreign companies wishing to expand to new regions.
To this end, in mid-2007, Czech drugmaker Zentiva acquired a 75% stake in the generic pharmaceuticals unit of Turkish industrial conglomerate Eczacibasi. Zentiva now plans to use the local facilities to incorporate its own range of generics into its new subsidiary, with the aim of making Eczacibasi-Zentiva the countrys leading generics manufacturer over the next five years. Zentiva also hopes to use the country as a regional export base - mirroring moves by major R&D-focused multinationals over recent years, including Novartis and GlaxoSmithKline (GSK).
In the meantime, the Turkish medical devices market - being the largest of its kind in the region - provides opportunities as another area of investment. Worth an estimated US$1bn, it is mostly supplied by imports from the US and the EU, which are free of duty charges. The domestic medical devices industry is developing, with its output largely exported to Germany, France, Belgium and the UK. Further integration of Turkey into the European community, healthcare sector modernisation and economic development will improve both import and export prospects for manufacturers of medical devices.
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