Italy’s Recordati Starts $50 Million Greenfield Investment In Turkey
This article was originally published in PharmAsia News
Italian pharmaceutical company Recordati invests $50 million in Turkey to establish a production facility in Tekirdag province to produce cardiovascular drugs.
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Although many pharma companies are reducing investments in Turkey after a series of controversial government price cuts, Italian drug maker Recordati S.p.A is doing just the opposite, buying Istanbul-based Dr. F. Frick Ilac for $130 million earlier this month, its second acquisition in Turkey in three years. Recordati, in fact, sees significant growth opportunities in Turkey and Eastern European, and says more deals could be on the way
Turkey’s efforts to control rising rates of COVID-19 are compromising the ability of hospitals to pay their debts to medtech and pharmaceutical companies. The government has devised a payments plan, but there is catch.
The Turkish medtech industry’s ongoing hospital payments problems appeared likely to come back onto the government’s agenda, with the national economy recovering somewhat in late 2019. But COVID-19 dashed those hopes.