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Dynamics and Growth of the Pharmaceutical Industry in Turkey

Dynamics and Growth of the Pharmaceutical Industry in Turkey

The Turkish pharmaceutical industry is the most strategic industry supporting the country’s industrial transformation. Due to its considerable population size, Turkey’s pharmaceutical market is the third-largest in the CEE (Central and Eastern Europe) region. In addition, the pharmaceutical industry in Turkey has a deeply-rooted history and expert production experience. As a result, they can compete with developed countries with a qualified workforce and a high added-value structure founded on leading-edge technology. The Ministry of Health regulates the pharmaceutical industry in Turkey.

According to the Pharmaceutical Manufacturers Association of Turkey (IEIS), approximately 680 companies compete in the country’s pharmaceutical industry. Together, they operate 96 pharmaceutical and 11 raw material production facilities. The pharmaceutical companies in Turkey provide the country’s growing and aging population with more than 12 thousand products and exports to approximately 180 countries with nearly 40 thousand employees.

Pharmaceutical Industry

The International Presence of Turkey in the Pharmaceutical Market:

The Turkish Government aims to make Turkey one of the world’s top ten economies in health services by 2023 by increasing R&D expenditures to 3% of GDP and by increasing exports to USD 500 billion. Moreover, according to the Turkish Ministry of Science, Industry, and Technology (AIFD) ‘s Report, Turkey should become the Eurasian production base for medium- and high-level technology products. Considering Turkey’s current macroeconomic conditions, political stability, and increasing economic efficiency, AIFD considers these R&D targets realistic.

As per the Global Business Reports, the Turkish pharmaceuticals industry was valued at approximately US$6 billion. The industry represents around 0.5% of the global pharmaceutical market of US$1.2 trillion, having grown steadily in the past decade. Besides increasing its output, the industry has also committed to more R&D projects and manufacturing higher-value drugs. In 2018, Turkey was recognized as part of the international PIC(s) alliance of pharmaceutical jurisdictions, taking a seat on the global scene while simultaneously rolling out its localization policy.

Dynamics and Growth of the Pharmaceutical Industry in Turkey

Exports from Turkey:

According to the AIFD Vision 2023 report, Turkey has a significant opportunity to become essential services and pharma products supplier for neighboring regions with its location advantage and a total export potential of USD 8 billion. While the Turkish pharmaceutical sector is ranked 16th across the world in terms of market value, it is 36th in terms of clinical research and pharmaceutical exports. Moreover, Turkey is a regional center due to its strategic geographical location, and it has the advantage of exporting to markets such as the Middle East and Eastern Europe.

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