Navigation Links
Turkey Pharmaceutical and Medical Device Market Worth $21.5B & $3.3B by 2020 Respectively, Says a Report Available at MarketOptimizer.org
Date:8/1/2014

Dallas, Texas (PRWEB) August 01, 2014

Growing prevalence of chronic ailments, medical tourism, universal health coverage and healthcare reforms are boosting healthcare market growth, although a reduction in the price of medicines through discounts and increasing generic consumption is a major challenge.

Turkey’s population stood at approximately 76.7 million in 2013, having grown at a Compound Annual Growth Rate (CAGR) of 1.4%, from 2008. The implementation of the Health Transformation Program (Saglikta Donus, um Programi, HTP) resulted in social security reforms that were aimed at improving the universal health coverage. The available infrastructure for healthcare industries and the high number of healthcare institutions makes Turkey an attractive location for the manufacture and marketing of pharmaceutical products.

Complete report details at http://www.marketoptimizer.org/countryfocus-healthcare-regulatory-and-reimbursement-landscape-turkey.html.

The government is trying to increase pharmaceutical R&D in Turkey, and in 2012, it introduced a new investment incentives program that had four basic schemes to increase foreign investment. The pharmaceutical market was worth approximately $12.5 billion, in 2012, and was the sixth-largest pharmaceutical market in Europe. It is set to grow at a CAGR of 7.3% from 2008 to reach $21.5 billion in 2020. The medical device market was valued at approximately $1.9 billion in 2008 and is estimated to grow at a CAGR of 4.7% to reach an estimated $3.3 billion in 2020. These positive growth trends can be primarily attributed to:

  • An increasing elderly population
  • Universal health coverage
  • Government initiatives

The available infrastructure for healthcare industries and the high number of healthcare institutions makes Turkey an attractive location for the manufacture and marketing of pharmaceutical products. Medical tourism is another driving factor of the pharmaceutical industry. In 2012, Turkey received 270,000 foreign patients. Services for medical tourism are primarily provided by private hospitals, and the government provides tax exemptions for private hospitals, to encourage medical tourism (MoH, 2012c).

Order a purchase copy at http://www.marketoptimizer.org/contacts/purchase?rname=9228.

The government is also trying to increase pharmaceutical R&D. In 2012, it introduced a new investment incentives program, which has four basic schemes for increasing foreign investment. There are 150 R&D centers in Turkey, and in April 2013 Dupont opened its 11th innovation center (ISPAT, 2013a).

The price of medicine is very low, compared with other EU countries (AiFD, 2007). Turkey uses a reference pricing system in combination with discounts for the sale of its pharmaceuticals. In 2009, to curb changes in the price of medicine, the government fixed the euro to the lira conversion rate (Bilmen, 2014). These factors greatly reduce the profit margin for pharmaceutical companies, making pricing a major challenge for the growth of the pharmaceutical market. In addition, the use of generics is high: in 2012, 53% of the drugs consumed were generics (MoH, 2012). The usage of generics is expected to grow and thus mitigate the growth of the market.

There is a large market for medical devices due to the growing elderly population and subsequent increase in demand for healthcare products and services. The medical device market was valued at approximately $1.9 billion in 2008 and is estimated to grow at a CAGR of 4.7% to reach $3.3 billion in 2020. Turkey predominantly depends on imports for its medical devices, as many of its domestic producers are involved with products that do not require high technology.

Healthcare workers are not uniformly distributed among the 81 provinces of Turkey. In 2007, the lowest number of specialized physicians per 1,000 population was 0.19, in Sirnak. The highest number of specialized physicians per 1,000 population was 2.57, in Ankara (Vujicic et al, 2009).

Turkish regulatory authority does not provide transparent and efficient regulatory system to facilitate approval of pharmaceutical products and medical devices.

With the help of the European community, there was rapid growth between 2002 and 2012. Annual Gross Domestic Product (GDP) growth was 5% higher than in most OECD countries, where it averaged 1% (ISPAT, 2013b). In May 2013, Turkey paid off the last installment ($412m) of its debt to the International Monetary Fund (IMF) (Today’s Zaman, 2013). GDP per capita was $10,815, in 2013, and is expected to increase (IMF, 2014a). Gross National Income (GNI) per capita was an estimated at $11,238 in 2013 (World Bank, 2014c). Turkey plans to implement monetary and financial policies to lower the inflation rate and increase the foreign exchange reserve.

Explore more reports on Healthcare industry at http://www.marketoptimizer.org/category/life-sciences/healthcare.

About Us:
MarketOptimizer.org is an online database of market research reports offer in-depth analysis of over 5000 market segments. The library has syndicated reports by leading market research publishers across the globe and also offer customized market research reports for multiple industries.

Read the full story at http://www.prweb.com/releases/2020-turkey-healthcare/regulatory-reimbursement/prweb12065923.htm.


'/>"/>
Source: PRWeb
Copyright©2014 Vocus, Inc.
All rights reserved

Related medicine news :

1. Dinner-Table Turkeys Differ Greatly From Their Ancestors
2. Consumer Reports Tests: Bacteria on Turkey Raised Without Antibiotics Showed Significantly Less Antibiotic Resistance than Bacteria Conventional Turkey
3. Hepatitis A Outbreak in Costco Organic Berry Blend Linked to Pomegranate Imported From Turkey
4. Medical Device Consultancy Emergo Group Opens Offices in Turkey and South Africa
5. Austin Heart Patient Will Race in Annual Thanksgiving Turkey Trot to Mark his Recovery, Inspire People with Heart Disease
6. Reel FX, Relativity Media and the Dallas YMCA Turkey Trot Form Partnership for Upcoming Animated Film “Free Birds” Starring Owen Wilson, Woody Harrelson and Amy Poehler
7. Holiday Season is Perfect Time to “Talk Turkey” about End-of-Life Care Wishes
8. In animal study, cold turkey withdrawal from drugs triggers mental decline
9. Turkey Included to the Web’s Best Medical Tourism Directory as myMEDholiday Continues Expansion of Prime Medical Tourism Destinations
10. Global, common approach to pharmaceutical supply chain integrity the focus of workshop
11. MSU invention could help pharmaceutical industry save money
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/10/2016)... ... February 10, 2016 , ... A ... Safety Congress and Expo event March 9-11, 2016. Hosted by Ohio's Bureau of ... , As the longest running and largest worker's compensation event in Ohio, ...
(Date:2/10/2016)... ... February 10, 2016 , ... ... Everseat digital self-scheduling readily available to physicians. The integration will enable Allscripts ... and select appointments via Everseat’s free mobile app. , The partnership gives Everseat ...
(Date:2/10/2016)... ... February 10, 2016 , ... ... Jacksonville, FL 32224, February 26th: Amateur & Professional Divisions - Time: 7:00pm ... 7:00pm – 10:00pm | Ticket Prices $30, Social Media: http://www.USPoleSportsFed.org , ...
(Date:2/10/2016)... ... ... Workrite Ergonomics, who is celebrating their 25th year of business in 2016, is ... recognized leader in their industry. , "We are very proud of our heritage and ... “Workrite recognized the importance of good ergonomics before most of our competition even knew ...
(Date:2/10/2016)... ... 2016 , ... Anxiety of older Americans over steep cost increases of prescription ... decade ago, according to The Senior Citizens League (TSCL). Since last ... with rapidly rising costs. “The implications are chilling, particularly for people with chronic ...
Breaking Medicine News(10 mins):
(Date:2/10/2016)... 2016 ALSP, Inc. announced that it has appointed ... Medical Affairs in preparation for its move into clinical trials ... CEO, stated, "We are pleased to welcome Dallas Hack ... with an individual of such practical knowledge and far-reaching experience ... deeply on his broad experience and success as a clinician ...
(Date:2/10/2016)... , Feb. 10, 2016 Intouch Solutions, a ... identified an industry-wide trend regarding the evolution of ... organizations to efficiently deliver compelling sales presentations via ... and another in 2015, Intouch uncovered that while ... devices and DSAs, many are not using them ...
(Date:2/10/2016)... 2016  Until recently, the options for reducing the ... the FDA approved the non-invasive Coolsculpting treatment, which removes ... originally approved in 2010 for the abdomen and this ... chin. With this add-on approval, the experts at Laser ... applicator, the CoolMini, to address smaller areas of fat. ...
Breaking Medicine Technology: