Turkey, land of the Seljuks and Ottomans, is a country at the gateway of modernisation between Europe and Asia. Turkey has been a competitive country since the beginning of civilisation—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 healthcare system in Turkey has entered a long period of development under the 2003-2013 Health Transformation Program. The purpose of the program is to increase the quality and efficiency of the healthcare system and enhance access to healthcare facilities.
According to the Pharmaceutical Manufacturers Association of Turkey (IEIS), the Turkish pharmaceutical market was worth around US $11.6 billion in 2012, up from US $4 billion in 2003, growing by a compound annual growth rate (CAGR) of 12.6%. Turkey has nearly 300 local pharmaceutical companies and 49 manufacturing companies, with 13 of those belonging to foreign investors. The industry employs approximately 25,000 people.
There are many OTC, Medical Device and Food Supplement companies selling Western European products to huge success. The Turkish General Directorate of Pharmaceuticals and Pharmacy, a division of the Ministry of Health, is in charge of regulation and control of pharmaceutical prices. Manufacturers and importers are obliged to apply to the Ministry of Health for the authorisation of new product prices, as well as for price increases and decreases.
The most frequent causes of death in Turkey are, in order of frequency, cancer, heart disease and cerebral-vascular diseases. More than 80% of one-year-olds received inoculations against childhood diseases in 2004.
Currently, Turkey has a population of nearly 79 million, meaning it experienced a total growth of 1.2% in the past year. 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 CPC have developed a systematic partner search process to identify your best-fitting partner in only 10–12 weeks.
The CPC 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 analyse 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.