Turkey Set To Expand Its Pharmaceutical Business

The Turkish pharmaceutical industry is expected to expand substantially during the next few years, and sales of drugs could reach $23.3 billion by 2023, up from just $5 billion in 2011. These figures come from a report by Pricewaterhouse Coopers which was commissioned by the pharmaceutical industry, but are based on the government making some improvements during this period to achieve such a hefty increase.

This increase is being attributed to broader access to branded medicines, with a substantial growth in exports. According to the report the Turkish government has set a target of becoming one of the top ten health service economies in the world. This target includes a 3% increase into research and development and an expectation that healthcare exports will grow to reach $500 billion by 2023.

According to another recent survey Turkey is amongst the ten fastest growing emerging economies of global pharmaceutical markets through to 2016, and new drug availability within the country is expected to increase significantly during this period. However this report predicts that the pharmaceutical market in Turkey will eventually rank just 18th in the world, compared to its current ranking of 16th.

In its report, Pricewaterhouse Coopers points out that Turkey needs to be able to compete more effectively globally, and that other comparable countries such as India are investing substantially more into their pharmaceutical industry than Turkey. At the moment Turkey spends about $60 million annually on research and development of drugs, which is less than one tenth of a percent of the amount spent globally. Pricewaterhouse Coopers feels Turkey needs to increase its spending to 1.35% of its GDP.

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