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Turkey Pharmaceuticals and Healthcare Report Q2 2009
Business Monitor International, April 2009, Pages: 85
Turkey Pharmaceuticals and Healthcare Report provides independent forecasts and competitive intelligence on Turkey's pharmaceuticals and healthcare industry.
Outside the BRIC (Brazil, Russia, India, China) states, Turkey is considered one of the key growth pharmaceutical markets globally. Growth has been rapid in recent years, with per capita spending reaching US$159 in 2008, a similar level to other emerging countries in Eastern Europe. The country’s large, ageing and increasingly urbanised population, means both demand and access to medicines should increase in the future. Over the next five years, sales of pharmaceuticals, which include prescription drugs and over-the-counter (OTC) medicines, will increase from US$11.3bn to US$19.5bn, representing a compound annual growth rate (CAGR) of 11.6%.
Despite positive market and environmental dynamics, Turkey ranks only fifth in the Pharmaceutical Business Environment Rankings for Q209. The core reasoning behind this is the still considerable risks present in operating in the country. A negative regulatory climate is a key drawback for multinationals. Delays in bringing products to market, unfavourable pricing regimes and poorly enforced intellectual property regulations are some of the problems associated with operating in Turkey at present. Furthermore, policy continuity, bureaucracy and the legal framework remain key concerns.
Legislation for the creation of a universal healthcare system was enforced in late 2008. The universal health insurance scheme includes: compulsory participation with income-based contributions; subsidies or free coverage for the disadvantaged or those under 18 years of age; the use of public/private partnerships (PPPs) for providing care; and differentiated co-payment rates between primary, secondary and tertiary care. The implementation of this throughout 2009 will give a key indicator as to the potential for increased pharmaceutical and health expenditure.
Perceived opportunities to capitalise on growing healthcare expenditure have led to multinational investment in private healthcare facilities in recent years. However, credit-driven investments – in an increasingly tight lending environment – along with caps on top-up charges for regular services, appear to have resulted in the accumulation of large levels of debt. While the longer term outlook for private hospitals is positive, up to US$3bn is said to be owed by facilities, which could lead to significant difficulties for some operations in 2009.
The Burden of Disease Database (BoDD) reveals that development of the healthcare service is having a positive effect on the country’s disease profile. Disability-adjusted life years (DALYs) lost to all diseases and injuries are steadily declining in the country. In 2008 Turkey was placed 66th globally in terms of per capita DALYs. The obvious trend seen by improved access to care is the decreasing burden of communicable diseases, which we forecast to fall by 46% over 2008-2030. Meanwhile as the country becomes increasingly Westernised, non-communicable diseases will continue to increase. This will be reflected in pharmaceutical sales, with cardiovascular treatments rising and anti-infectives falling through to 2013.
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