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August 17, 2016
Turkey's pharma market is set to rise from $5 billion in 2015 to $5.53 billion by 2020, according to research and consulting firm GlobalData.
The company’s latest report states that Turkey’s pharmaceutical market has changed extensively over the past decade due to the Health Transformation Program – introduced by the government in 2003 – and has become "one of the country’s most progressive sectors".
The impact of the Health Transformation Program has seen pharmaceutical sales increase by 22.1% from 2009 to 2014. This was supported, states the report, by improved medical access and an increase in the number of multinational pharmaceutical companies in the Turkish pharmaceutical market.
The report notes that the vast reforms seen throughout Turkey’s pharma market mean there are a number of opportunities open to pharmaceutical manufacturers. Low government debt and sufficient reserves also present significant foreign investment opportunities, as GDP per capita has more than tripled over the past decade.
However, there are still significant barriers to potential growth. The report points to a lack of transparency in the regulatory environment, and states that high private healthcare expenditure and low coverage of services are continuing to make Turkey’s pharmaceutical market difficult to navigate.
See GlobalData's report here.