Pricing Policies Mean Cheap Drugs Dominate Turkish Market
This article was originally published in PharmAsia News
The Turkish government’s unrelenting policies to curb prices in the local pharmaceutical industry are having a big impact on the shape of the market. While demand for the cheapest products is strengthening, the market share of drugs with a higher price tag is becoming marginalized. Meanwhile, the industry is still unhappy with changes to the fixed Euro exchange rate.
You may also be interested in...
Growth prospects for Turkey’s medical technology market are significant, but local companies have complained about public policies that are harmful to business and about the ongoing crisis in the hospital system. Now, international medtechs are starting to react, with some downscaling local operations and portfolios. Association of Research Based Medical Technologies Manufacturers president Umut Gokalp laid out the problems being faced by industry, and what action he thinks the government should take.
The Turkish government’s drive to establish domestic manufacturing for vaccines is showing tentative signs of getting off the ground. New partnerships are forming between Turkish and international partners. However, lack of local know-how is hampering progress.
Late payments of medtech bills by hospitals combined with persistently low reimbursement prices have pushed Turkish device manufacturers to the brink. But after a recent intervention from the industry, the government has finally done something to address industry’s calls for systematic and comprehensive improvement of medtech reimbursement prices.