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Turkey Pharmaceuticals and Healthcare Report Q3 2008Published by: Business Monitor International Published: Aug. 18, 2008 - 74 Pages Table of Contents
AbstractThe Turkish pharmaceutical market was valued at just under US$8bn in 2007. By 2012, BMI forecasts the market value to top US$13bn, stimulated by the introduction of the new universal health insurance system, further integration into the European community and industry modernisation. In the shorter term, however, domestic production will remain focused on generics, with unregistered copies remaining commonplace, although the improvement of standards should gradually result in the increase of the value of the generics market, which is forecast to top US$4.1bn by the end of the forecast period, representing over 30% of the total market.In Q308, Turkey has been moved to the Emerging Europe region, from the Middle East and Africa (MEA). Among the 17 markets surveyed in Central and Eastern Europe (CEE) by BMI’s Business Environment Rating, Turkey is found in an enviable seventh position, alongside Russia. Turkey’s large drug market, coupled with the sector’s high growth potential and large population of 75mn, result in the country receiving the highest score for this category. However, Turkey’s population profile continues to resemble a developing country more closely than a developed state due to its high rural population, which is reflected in the emerging nature of its drug market in terms of therapeutic categories. The country’s score for the risk to potential returns is also negatively impacted by deficiencies in intellectual property (IP) and wider regulatory environment. Nevertheless, Turkey’s advantageous geographical position between the East and the West as well as - more importantly - 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. This trend has become prominent in recent times, with major Czech drugmaker Zentiva acquiring a 75% stake in the generic pharmaceuticals unit of Turkish industrial conglomerate Eczacibasi and aiming to use the new company to export to Europe and the Middle East. The position of foreign companies is to be further improved by the new research and development (R&D) law, which was introduced in April 2008. Under new legislation, the country is slated to attract as much as US$1bn in investment in the area of pharmaceuticals, with the government and the Turkish Association of Research-based Pharmaceutical Firms (AIFD) actively encouraging such moves by pharmaceutical giants. However, while the new law provides a number of incentives, including 100% tax reductions on R&D expenditure, reduced income tax for employees and land allocations, Turkey still has a way to go in terms of improving the quality of its research institutions, which will act as a brake on R&D investment in the short-term. Get Full Details About This Report >> |
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