The Rise of Turkish Pharmaceutical Companies
Turkey’s Ambition to Become a Global Medicine Hub
Turkey is eager to become a global pharmaceutical center due to its strong production capabilities, strategic location, demographics, and robust infrastructure, according to Savas Malkoc, General Secretary of the Pharmaceutical Manufacturers Association of Turkey (IEIS).
Pharmaceutical Industry Overview
With 100 pharmaceutical and 11 raw material manufacturing facilities, 680 organizations, 33 R&D centers, and over 11,000 employees, Turkey's pharmaceutical sector is producing more than 12,000 products. As of 2020, 88% of pharmaceuticals consumed in Turkey are produced locally.
Strategic Advantages of Turkey’s Pharma Sector
Turkey’s pharmaceutical industry benefits from its favorable geographical location, connecting some of the most dynamic pharmaceutical markets worldwide. In 2020, the Turkish pharma market was the 18th largest globally, with exports reaching nearly 180 destinations, including the European Union, Commonwealth of Independent States (CIS), North Africa, East Asia, and the Middle East.
Challenges and Opportunities in the Turkish Pharma Market
Despite challenges posed by the COVID-19 pandemic, the Turkish pharmaceutical sector continued operations without significant disruptions. Turkey has also started producing medicines used in COVID-19 treatments, which were previously not manufactured locally. Biotechnological products are also gaining momentum in Turkey, with biotechnological drug demand reaching 25% of the total Turkish pharma market in 2020.
Research and Development in Turkey's Pharmaceutical Industry
R&D investments have seen significant growth, reaching 423.8 million liras ($88.3 million) over the past five years. Turkish companies have developed innovative pharmaceuticals, such as sustained-release formulations and combination products that improve patient adherence.
Future Outlook and Biosimilars
Turkish companies are increasingly focusing on producing biosimilar drugs with plans to launch 39 biosimilar products by 2024. To support this growth, a stable regulatory environment is necessary for Turkey to compete effectively on a global scale.
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