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Latest From Ahmet Sevindik
The Turkish pharmaceutical market reached $5.6bn in 2017. Despite strong competition from multinationals, Abdi Ibrahim, a local company, was market leader last year with a turnover of $380m. It was followed by Novartis and Pfizer.
Turkey's pharmaceutical market is likely to grow by around 12-15% this year, but tight pricing policies and a low fixed exchange rate for the euro at a time when the Turkish lira is volatile and weak against both the euro and US dollar spell trouble for the industry.
Turkish regulators published a list of 241 products, based on 62 ingredients, selected to become available nonprescription but withdrew it after pharmacists argued that consumers in the country typically are not knowledgeable about health care issues and might buy the wrong drug product without a doctor’s advice.
2017 saw developments that were beneficial to the Turkish medtech industry, like the continued progress of the billion-dollar City Hospitals project, but also initiatives such as forthcoming Online Health System Market that will have a mixed impact on industry players. Additionally, the year also saw medtech suppliers increasingly frustrated by the growing debt that is owed to them by Turkey's hospitals, an issue that remains unresolved. This article give an overview of the Turkish medtech market in 2017 and developments to look out for this year.
In order to help curb the drugs bill, the Turkish Social Security Institution has decided to restrict the level of price increases that can be made on pharmaceutical products when the prices of those products are increased in reference or non-reference countries.
The general secretary of Turkey’s Association of Research based Pharmaceutical Companies (AIFD), Umit Dereli, tells the Pink Sheet why he thinks the government’s policy on local medicines production is wrong in terms of its scope, goal, and method.