Turkey: a strategic Self-Medication and Rx market at the border of Europe
Turkey may be at the border of Europe, but its self-medication and Rx market are at the heart of European strategies as it became an efficient manufacturing hub full of potential.
Turkey, the land of the Seljuks and Ottomans, is a country at the gateway between Europe and Asia. Turkey has been a competitive country since the beginning of civilization—and as today’s Pharma industry gains momentum there, the country promises quality partnerships, rigorous challenges, and, yes, even more competition.
Turkey has taken many steps towards a working healthcare system. The Health Transformation Program, implemented in 2003, aimed at increasing the quality and efficiency of the healthcare system and enhancing access to healthcare facilities.
The Turkish OTC and pharma market is the 18th largest in the world and reached a worth of US$ 7Bn in 2020. The OTC and pharma sales experienced a CAGR of 12% between 2010 and 2020. According to CPC forecasts, the market should be worth US$ 18,7 billion in 2035, at ex-factory levels.
There are many OTC, Medical Device and Food Supplement companies selling Western European products to huge success.
Turkey is geographically close to some of the biggest OTC and pharma import markets and has become a manufacturing hub for Europe. As a candidate for the European Union, Turkey also implemented changes regarding drug regulation to align their OTC and pharma market with European countries, making exports easier.
Currently, Turkey has a population of nearly 82 million. In comparison to the countries surrounding it, this is a rapidly increasing birth rate. It’s no stretch to say that Turkey is one of the leading pharmaceutical markets in the world, bursting at the seams with possibilities.
To help you work your way into this teeming market, we at Chameleon Pharma Consulting Group have developed a systematic partner search process to identify your best-fitting partner in only 10–12 weeks. The Chameleon Pharma Consulting Group approach will allow you to save time on the ‘getting-to-know-you’ meetings with possible partners, as well as cut down on your travel costs and make you feel confident that you have the best partner for sales growth. To analyze the Turkish market specifically, we use a SWOT analysis, which always offers many interesting outcomes. Despite its risks, the Turkish market is loaded with growth and potential.
CPC Press Releases on Turkey:
Turkey OTC and pharma market in 2035
USD 18,65 Billion
OTC and pharma market size, ex-factory
OTC and pharma market growth
Turkey in numbers
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