Turkey’s pharmaceutical industry is set to grow from $5bn in 2015 to $5.53bn by 2020, at a compound annual growth rate of 2%, according to a new report from GlobalData.
Titled 'CountryFocus: Healthcare, Regulatory and Reimbursement Landscape – Turkey', the report reveals how the pharmaceutical market in Turkey has changed over the past decade owing to the Health Transformation Programme introduced by the government in 2003.
The Health Transformation Programme improved medical access and helped a number of multi-national pharmaceutical companies to enter the Turkish pharmaceutical market. As a result, pharmaceutical sales measured by volume increased by 22.1% from 2009 to 2014.
Pharmaceuticals produced in Turkey are now sold in 144 countries within the European Union, the Commonwealth of Independent States, North Africa, and the Middle East. Pharmaceutical exports from the country have increased by 80% over the last five years, reaching $8.56m in 2014.
Potential growth for the Turkish pharmaceutical industry, however, may be hampered due to the presence of certain barriers, adds the report.
Lack of transparency in government regulations, high private healthcare expenditure and low coverage of services are expected to impede the industry’s growth.