2017 Not Looking As Bright As It Should Be For Turkish Pharma
The pharmaceutical industry in Turkey has started 2017 cautiously despite a basically dynamic market and increasing demand for healthcare, with continued pricing and cost pressures, and political and economic instability, likely to dampen new investments.
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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.
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.