Boston, MA -- (ReleaseWire) -- 06/03/2014 -- BMI View: Data released by the Turkish drugmaker s association for 2013 sales corresponds with our own forecasts. We have also modified our pharmaceutical sales forecast for 2014 and beyond to reflect the volatile exchange rate situation. We now see Turkey's lustre as an emerging pharmaceutical market regressing over the medium term. We believe that the business environment will continue to impede the industry and see very little scope for the central government to enact business-friendly reform in the sector. In sum, we believe 2014 will be another disappointing and challenging year for the industry .
Headline Expenditure Projections
- Pharmaceuticals: TRY17.16bn (USD9.00bn) in 2013 to TRY18.79bn (USD8.37bn) in 2014; +9.5% in local currency and -7.1% US dollar terms.
- Healthcare: TRY108.64bn (USD57.01bn) in 2013 to TRY118.15bn (USD52.63bn) in 2014; +8.8% in local currency and -7.7% US dollar terms.
Turkey's Pharmaceutical Risk/Reward Rating (RRR) score for Q314 is 55.9, up from 54.0 in the previous quarter. The country is ranked the fifth most attractive business environment out of the 20 markets surveyed in Emerging Europe, improving from ninth position in the previous quarter. Turkey's large drug market, coupled with the sector's long-term growth potential, means that the country scores considerably higher than the average for the region on this indicator. In terms of risks, several rounds of pricing reforms mean that the country scores less favourably, and below the regional average for this indicator.
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Key Trends And Developments
- The Turkish government is aggressively amending laws and introducing incentives to boost localisation of R&D within the country. The government is hoping to reduce the country's considerable trade deficit by establishing itself as an export base and R&D hub. Relative to other offshoring hubs such as India and China, we do not believe the pull factors for Turkey are strong enough to incentivise R&D...
The Turkey Pharmaceuticals & Healthcare Report features Business Monitor International (BMI)'s forecasts for drugs and healthcare expenditure and imports and exports, focusing on the growth outlook for the prescription, OTC, patented drugs and generics market segments.
BMI's Turkey Pharmaceuticals & Healthcare Report provides industry professionals, strategists, company executives, investors, analysts and sales/marketing heads with independent forecasts and competitive intelligence on the Turkish pharmaceutical and healthcare industry.
- Benchmark BMI's independent pharmaceutical and healthcare industry forecasts for Turkey to test other views - a key input for successful budgeting and strategic business planning in the Turkish pharmaceutical and healthcare market.
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