Turkey Pharmaceutical Market size is projected to grow at a CAGR of 4.2% during 2022-2028

Biological drugs would remain fastest growing segment in the Turkey Pharmaceutical Market– 6Wresearch

Turkey pharmaceutical market registered decent growth in recent years owing to government initiatives for local manufacturing of pharmaceutical and biotechnological drugs in the country to shift dependencies from imports led to an increase in number of pharma production facilities to 96 in 2020 from 66 in 2015 and rise in locally manufactured medicine to 50% in 2020 from 42% in 2015. According to Pharmaceutical Manufacturers Association of Turkey (IEIS), the total consumed pharma products in country consists of 88% local manufactured products on volume basis. Furthermore, the industry has witnessed an expenditure of $88.3 million in pharmaceutical R&D, observed a rise of 80.9% during 2015-2020 also contributed to the growth in pharmaceutical market. However, the ongoing economic crisis in the country become the major concern for Turkey, the falling down in the Turkish lira against US dollars lead to rise in prices of imported pharmaceutical raw materials, resulting in increase in price of medicines would limit the growth of pharmaceutical market in future.

According to 6Wresearch, Turkey Pharmaceutical Market size is projected to grow at a CAGR of 4.2% during 2022-2028. “Turkish government initiatives to reform the health sector by renovation of existing city hospitals and construction of new hospitals in all the regions of turkey under the “DREAM” would lead to growth in the demand of pharmaceutical medicines in the country. The medical tourism provided a lucrative source of revenue for Turkish economy, nearly $ 1 billion of revenues earned through medical tourism and providing of economic medical tours from other countries and VAT exemption in medical expenses to international patients would expect to grow medical tourism in upcoming years leads to expected growth in pharmaceutical market as well.”

According to Shivali Sharma, Research Analyst, 6Wresearch, “Due to the access of logistics and presence of existing exports and manufacturing hub, the western region would remain the focal point for manufacturing of pharmaceutical goods in upcoming years. Moreover, the divergence of pharmaceutical companies across the central region and construction of hospitals in the Ankara and central areas would contribute growth in central region as well.”

According to Sachin Rai, Research Associate, 6Wresearch, “The biological drug segment, would have the fastest revenue share in the Turkey Pharmaceutical Market in both human and veterinary category due to rise in investment in research and development and manufacturing of biological drugs. International and local companies such as Pfizer, Abdi Ibrahim and others are investing heavily on the manufacturing of biosimilars and also supporting the start-ups through their expertise which opens the new opportunity for the development of new biological drugs.”

Some of the major companies in Turkey Pharmaceutical Market include Bayer Turkiye, Novartis Turkiye, Sanofi Turkiye, Pfizer Turkiye, Abdi Ibrahim, Roche Group, Ceva Animal Health A.S., Deva Holding A.S., Zoetis Turkiye , MSD Turkiye.

“Turkey Pharmaceutical Market (2022-2028)” report provides an in-depth analysis with 29 figures and 12 tables, covered in 101 pages. The report comprehensively covers the market by types, end-users and regions. Turkey Pharmaceutical Market report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas, market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.