Turkey Pharmaceutical and Medical Device Market Worth $21.5B & $3.3B by 2020 Respectively, Says a Report Available at MarketOptimizer.org

MarketOptimizer.org adds “CountryFocus Healthcare, Regulatory and Reimbursement Landscape – Turkey” to its store. The pharmaceutical market was worth approximately $12.5 billion in 2012, and was the sixth-largest pharmaceutical market in Europe.

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Market Optimizer - Market Research Reports

Dallas, Texas (PRWEB) August 01, 2014

Growing prevalence of chronic ailments, medical tourism, universal health coverage and healthcare reforms are boosting healthcare market growth, although a reduction in the price of medicines through discounts and increasing generic consumption is a major challenge.

Turkey’s population stood at approximately 76.7 million in 2013, having grown at a Compound Annual Growth Rate (CAGR) of 1.4%, from 2008. The implementation of the Health Transformation Program (Saglikta Donus, um Programi, HTP) resulted in social security reforms that were aimed at improving the universal health coverage. The available infrastructure for healthcare industries and the high number of healthcare institutions makes Turkey an attractive location for the manufacture and marketing of pharmaceutical products.

Complete report details at http://www.marketoptimizer.org/countryfocus-healthcare-regulatory-and-reimbursement-landscape-turkey.html.

The government is trying to increase pharmaceutical R&D in Turkey, and in 2012, it introduced a new investment incentives program that had four basic schemes to increase foreign investment. The pharmaceutical market was worth approximately $12.5 billion, in 2012, and was the sixth-largest pharmaceutical market in Europe. It is set to grow at a CAGR of 7.3% from 2008 to reach $21.5 billion in 2020. The medical device market was valued at approximately $1.9 billion in 2008 and is estimated to grow at a CAGR of 4.7% to reach an estimated $3.3 billion in 2020. These positive growth trends can be primarily attributed to:

  • An increasing elderly population
  • Universal health coverage
  • Government initiatives

The available infrastructure for healthcare industries and the high number of healthcare institutions makes Turkey an attractive location for the manufacture and marketing of pharmaceutical products. Medical tourism is another driving factor of the pharmaceutical industry. In 2012, Turkey received 270,000 foreign patients. Services for medical tourism are primarily provided by private hospitals, and the government provides tax exemptions for private hospitals, to encourage medical tourism (MoH, 2012c).

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The government is also trying to increase pharmaceutical R&D. In 2012, it introduced a new investment incentives program, which has four basic schemes for increasing foreign investment. There are 150 R&D centers in Turkey, and in April 2013 Dupont opened its 11th innovation center (ISPAT, 2013a).

The price of medicine is very low, compared with other EU countries (AiFD, 2007). Turkey uses a reference pricing system in combination with discounts for the sale of its pharmaceuticals. In 2009, to curb changes in the price of medicine, the government fixed the euro to the lira conversion rate (Bilmen, 2014). These factors greatly reduce the profit margin for pharmaceutical companies, making pricing a major challenge for the growth of the pharmaceutical market. In addition, the use of generics is high: in 2012, 53% of the drugs consumed were generics (MoH, 2012). The usage of generics is expected to grow and thus mitigate the growth of the market.

There is a large market for medical devices due to the growing elderly population and subsequent increase in demand for healthcare products and services. The medical device market was valued at approximately $1.9 billion in 2008 and is estimated to grow at a CAGR of 4.7% to reach $3.3 billion in 2020. Turkey predominantly depends on imports for its medical devices, as many of its domestic producers are involved with products that do not require high technology.

Healthcare workers are not uniformly distributed among the 81 provinces of Turkey. In 2007, the lowest number of specialized physicians per 1,000 population was 0.19, in Sirnak. The highest number of specialized physicians per 1,000 population was 2.57, in Ankara (Vujicic et al, 2009).

Turkish regulatory authority does not provide transparent and efficient regulatory system to facilitate approval of pharmaceutical products and medical devices.

With the help of the European community, there was rapid growth between 2002 and 2012. Annual Gross Domestic Product (GDP) growth was 5% higher than in most OECD countries, where it averaged 1% (ISPAT, 2013b). In May 2013, Turkey paid off the last installment ($412m) of its debt to the International Monetary Fund (IMF) (Today’s Zaman, 2013). GDP per capita was $10,815, in 2013, and is expected to increase (IMF, 2014a). Gross National Income (GNI) per capita was an estimated at $11,238 in 2013 (World Bank, 2014c). Turkey plans to implement monetary and financial policies to lower the inflation rate and increase the foreign exchange reserve.

Explore more reports on Healthcare industry at http://www.marketoptimizer.org/category/life-sciences/healthcare.

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