New Healthcare market report from Business Monitor International: "Turkey Pharmaceuticals & Healthcare Report Q4 2013"

Boston, MA -- (SBWire) -- 10/17/2013 --Turkey's pharmaceutical market has posted nominal growth in local currency terms and stemmed the decline in US dollar terms. However, imports continued their precipitous decline year-overyear, with local drugmakers picking up the slack. Continued fiscally-conservative policies by the AKP government have held back pharmaceutical spending by the SSI and kept its growth in check, even as the SSI struggles to overcome its structural deficit. Turkey stands to lose its status as a high-growth emerging market if it maintains its regressive regulatory attitude towards the sector, having been singled out by the PhRMA and Pfizer as stifling growth and market access.

Headline Expenditure Projections

- Pharmaceuticals: TRY16.39bn (US$9.11bn) in 2012 to TRY17.16bn (US$9.17bn) in 2013; +4.7% in local currency and +0.7% US dollar terms. Forecast broadly unchanged from previous quarter.
- Healthcare: TRY96.98bn (US$53.88bn) in 2012 to TRY109.61bn (US$58.61bn) in 2013; +13.0% in local currency and +8.8% US dollar terms.

View Full Report Details and Table of Contents

Risk/Reward Rating: Turkey's Pharmaceutical Risk/Reward Rating (RRR) score for Q313 is 58, unchanged from Q3. The country remains in fifth position out of the 20 Emerging Europe markets surveyed. Turkey's large drug market, coupled with the sector's long-term growth potential, means that the country scores relatively well for rewards. In terms of risks, several rounds of pricing reforms mean that the country scores closer to the regional average.

Key Trends And Developments

- In May 2013, The Turkish pharmaceutical manufacturers' association, the AIFD released a press statement highlighting the deficiencies in the draft Patent Law 1/756 currently undergoing review in parliament. The AIFD noted that Turkey's position in the Property Rights Alliance (PRA) 2012 Intellectual Property Rights Protection Index fell to 65 out of 129 countries, behind regional and emerging market competitors. Therefore, the wording of the new Patent Law could potentially offer recourse to Turkey's dire intellectual property rights laws, which have been cited as holding back foreign direct investment by pharmaceutical companies in the Turkish economy and the rolling over of product launches.
- In June 2013, Russian pharmaceutical company R-Pharm announced plans to invest up to EUR100mn (US$129.9mn) in its Turkish subsidiary. The company aims to export its products to the Middle East and Africa by leveraging Turkey's strategic location at the intersection of Europe and Asia, according to RPharm's CEO Vasily Ignatiev. The subsidiary will be initially used for marketing and promotion of the company's products, with plans to add manufacturing capabilities at a later stage.

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