Turkey – TRIUMPH country
With the sixth-largest pharmaceutical market in Europe and the largest market in the Middle East, Turkey takes the top spot on our list of TRIUMPH markets. With a strong industrial and technical infrastructure and an attractive geographical position, Turkey epitomises optimal conditions for foreign enterprises.
Due to growing population figures, higher life expectancies and an ever-increasing income per capita, it is realistic to expect further growth in the Turkish pharmaceutical market. Concerns about personal health and readiness to invest more money in healthcare products will also bring about positive changes. The Turkish government’s current plans to mitigate legal procedures for advertising, as well as for the sale of OTC products, will greatly ease market access. Additionally, there is strong evidence that the government will further liberalise Pharma retail trade and, in doing so, create the opportunity of selling OTC and Pharma products in supermarkets. At present, many Western European Healthcare companies have low turnovers in Turkey or agree that it holds a position outside the top 50 in the marketplace, despite the fact that Turkey’s ranks among the fastest-growing Healthcare markets. Action should be taken to access the market quickly — before the competition.