Turkey Pharmaceuticals
Market is expected to grow at a significant rate during the forecast period,
2024-2028. The pharmaceuticals market in Turkey is one of the largest
in the Middle East and North Africa (MENA) region. Turkey's pharmaceutical
market is driven by a combination of factors such as a large population, an
increasing incidence of chronic diseases, and a growing demand for healthcare
services.
The Turkey Pharmaceutical
Market is highly regulated, with the Turkish Ministry of Health overseeing drug
registration, pricing, reimbursement, and the licensing of pharmaceutical
companies. The Turkish government has adopted laws to encourage the use of
generic drugs, which has assisted in reducing healthcare costs and increasing
patient access to medicines. The market is dominated by domestic manufacturers,
with local companies accounting for more than 70% of the market share. However,
multinational pharmaceutical companies are active in the Turkish market and
account for a significant portion of the market share. Most prescribed
medications in Turkey are cardiovascular drugs, followed by anti-infectives and
anti-cancer drugs. The COVID-19 pandemic has driven demand for certain
medications, including antiviral drugs and vaccines.
However,
challenges such as, pricing pressure, regulatory barriers, and the increasing
demand for personalized medicines may impact market growth in the future.
Increasing
Incidence of Chronic Diseases Drive the Turkey Pharmaceutical Market
The increasing
incidence of chronic diseases has been one of the major drivers of the
pharmaceutical market in Turkey. Chronic diseases, such as cardiovascular
disease, diabetes, cancer, and respiratory diseases. For instance, According
to the latest WHO data published in 2020 Coronary Heart Disease Deaths in
Turkey reached 85,905 or 22.08% of total deaths. The age adjusted Death Rate is
95.94 per 100,000 of population ranks Turkey #117 in the world. Furthermore,
25,088 fatalities from lung diseases, or 6.45% of all deaths in Turkey in 2020,
were recorded. Turkey is ranked #63 in the world for the highest age-adjusted
Death Rate with 28.02 per 100,000 people.
According to a
report by the Turkish Medicines and Medical Devices Agency, cardiovascular
drugs are the most prescribed medications in Turkey, followed by
anti-infectives and anti-cancer drugs. The Turkish government has recognized
the growing burden of chronic diseases and has implemented policies to address
the issue. For example, the government has launched a National Cancer Control
Program to reduce the incidence of cancer and improve cancer care in the
country. In addition, the government has implemented policies to promote
healthy lifestyles, such as increasing availability of healthy foods and
promoting physical activity.
Overall, the
increasing incidence of chronic diseases is expected to continue to drive
demand for pharmaceuticals in Turkey in the coming years. However, this trend
also presents certain challenges, such as the need for increased healthcare
spending, rising cost of medications, and the need for innovative treatment
options to address these complex conditions.
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Demand for Multinational
Pharmaceutical Companies Boost Market Expansion
The presence of
multinational pharmaceutical companies has been a significant driver of market
expansion in Turkey. These companies bring with them innovative products and
technologies, which can help to improve patient outcomes and drive market
growth.
Multinational
pharmaceutical companies have been attracted to Turkey due to its large
population, its strategic location between Europe and Asia, and the growing
demand for healthcare services and pharmaceuticals. These companies have
invested heavily in Turkey, building manufacturing facilities, conducting
clinical trials, and establishing partnerships with local companies. The
presence of multinational companies has helped to drive competition in the
Turkish market, which has led to increased product offerings and lower prices
for consumers. In addition, these companies have brought with them best international
practices and standards, which have helped to improve the quality of healthcare
services and pharmaceuticals in Turkey.
The Turkish
government has been supportive of multinational companies and has implemented
policies to encourage foreign investment in the pharmaceutical sector. For
example, the government has streamlined the drug registration process, which
has made it easier for multinational companies to bring their products to the
Turkish market. Overall, the presence of multinational pharmaceutical companies
is expected to continue to drive market expansion in Turkey in the coming years.
However, local companies play a significant role in the market, and it is
important to strike a balance between promoting foreign investment and
supporting local companies to ensure a healthy and sustainable market.
Growing Middle Class
Population Boost the Demand of Pharmaceutical Industries in Turkey
The growing middle-class
population in Turkey has been a significant driver of the demand for
pharmaceutical products and has contributed to the growth of the pharmaceutical
industry in the country.
Turkey's middle class is
expanding, which is driving up demand for pharmaceuticals as well as other
healthcare products and services. The middle class usually has more spare
income, and they are prepared to spend more on their healthcare needs as well
as other aspects of health and wellbeing. The Turkish healthcare system has
also changed because of the country's expanding middle class, with a stronger
emphasis on preventative care and a move towards more private healthcare
services. This has created new opportunities for pharmaceutical companies to
offer products and services that cater to these changing needs. In addition,
the growing middle class in Turkey has led to an increase in the availability
of private health insurance, which has further fueled the demand for healthcare
services and pharmaceutical products.
The Turkish government has
recognized the importance of the growing middle-class population and has
implemented policies to support this demographics. For example, the
government has introduced initiatives to promote entrepreneurship and small
businesses, which has helped to create new job opportunities and increase
incomes for the middle class.
Overall, the growing
middle-class population in Turkey is expected to continue to drive the demand for
pharmaceutical products and contribute to the growth of the pharmaceutical
industry in the coming years. However, the industry will need to continue to
innovate and adapt to the changing needs of this demographic to remain
competitive in the market.
While the Turkey Pharmaceutical
Market has been growing rapidly in recent years, there are several challenges
that the industry faces, including:
Regulatory environment: The regulatory environment
in Turkey can be complex and bureaucratic, which can make it challenging for
companies to navigate the drug approval process. There have been concerns about
the consistency and transparency of the regulatory process, which can impact
investor confidence.
Pricing pressure: The Turkish government has
been taking steps to control healthcare costs, including implementing measures
to reduce drug prices. This has put pressure on pharmaceutical companies to
reduce their prices, which can impact their profitability.
Intellectual property
protection: While
Turkey has made progress in protecting intellectual property, there are still
concerns about the enforcement of these laws. This can make it challenging for
pharmaceutical companies to protect their intellectual property rights, which
can impact their ability to innovate and bring new products to market.
Counterfeit drugs: Counterfeit drugs remain a
significant problem in Turkey, with estimates suggesting that up to 10% of
drugs in circulation may be counterfeit. It poses a risk to patient safety and
impact the profitability of legitimate pharmaceutical companies.
Access to healthcare: While Turkey has made
progress in improving access to healthcare, there are still challenges in
reaching underserved populations, particularly in rural areas. This can impact
the demand for pharmaceutical products and limit market growth.
Overall, while the Turkey
pharmaceutical market offers significant opportunities for growth, the industry
will need to address these challenges to remain competitive and sustainable in
the long term.
Market Segmentation
Turkey Pharmaceuticals Market
is segmented based on type,
product type, application, and distribution channel. Based on type, the
market is divided into generic and branded drugs. Based on product type, the
market is segmented into over-the-counter drugs and prescription drugs. Based
on application, the market is divided into cardiovascular, oncology, metabolic
disorder, musculoskeletal, anti-infective, and others. Based on distribution
channel, the market is divided into retail pharmacy, hospital pharmacy, e-pharmacy.
Market players
AbbVie Türkiye, Amgen Inc., Bilim
Ilac Sanayii ve Ticaret Anonim Sirketi, Bristol-Myers Squibb Company, EastPharma
Ltd, Ferring Ílac Sanayi ve Ticaret Ltd Sti (Ferring Global), Gensenta İlaç
Sanayi ve Ticaret A.Ş., GlaxoSmithKline Turkey, ITALFARMACO S.p.A., Menarini
Türkiye (Menarini Group), Merck & Co., MS Pharma, Novartis Turkey, Pfizer
Turkey, Takeda Pharmaceutical Company
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Attribute
|
Details
|
|
Base
Year
|
2022
|
|
Historic
Data
|
2018 –
2021
|
|
Estimated
Year
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2023
|
|
Forecast
Period
|
2024
– 2028
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|
Quantitative
Units
|
Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028
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|
Report
coverage
|
Revenue
forecast, company share, competitive landscape, growth factors, and trends
|
|
Segments
covered
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By Drug Type
By Product Type
By Application
By Distribution Channel
|
|
Regional
scope
|
Marmara
Region, Central Anatolia, Eastern Anatolia Region, South-Eastern Anatolia
Region, Aegean Region, Mediterranean Region, Black Sea Region.
|
|
Key
companies profiled
|
AbbVie Türkiye, Amgen Inc., Bilim
Ilac Sanayii ve Ticaret Anonim Sirketi, Bristol-Myers Squibb Company,
EastPharma Ltd, Ferring Ílac Sanayi ve Ticaret Ltd Sti (Ferring Global), Gensenta İlaç
Sanayi ve Ticaret A.Ş., GlaxoSmithKline Turkey, ITALFARMACO S.p.A., Menarini
Türkiye (Menarini Group), Merck & Co., MS Pharma, Novartis Turkey, Pfizer
Turkey, Takeda Pharmaceutical Company.
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|
Customization
scope
|
10% free
report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
|
Pricing
and purchase options
|
Avail customized purchase options to meet your exact research
needs. Explore purchase options
|
|
Delivery
Format
|
PDF and Excel
through Email (We can also provide the editable version of the report in PPT/Word
format on special request)
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Report Scope:
In this report, the Turkey Pharmaceuticals
Market has been segmented into the following categories, in addition to the
industry trends which have also been detailed below:
Turkey Pharmaceuticals Market, By Drug Type:
Turkey Pharmaceuticals Market, By Product Type:
- Over-The-Counter Drugs
- Prescription Drugs
Turkey Pharmaceuticals Market, By Application
- Cardiovascular
- Oncology
- Metabolic Disorder
- Musculoskeletal
- Anti-infective
- Others
Turkey Pharmaceuticals Market, By Distribution Channel
- Retail Pharmacy
- Hospital Pharmacy
- E-Pharmacy
Turkey Pharmaceuticals Market, By Region
- Marmara Region
- Central Anatolia
- Eastern Anatolia Region
- South-Eastern Anatolia Region
- Aegean Region
- Mediterranean Region
- Black Sea Region
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in the Turkey Pharmaceuticals Market.
Available Customizations:
With the given market data, TechSci
Research offers customizations according to a company’s specific needs. The
following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market
players (up to five).
Turkey Pharmaceuticals Market is an
upcoming report to be released soon. If you wish an early delivery of this
report or want to confirm the date of release, please contact us at [email protected]