Market Report, "Turkey Pharmaceuticals & Healthcare Report Q2 2015", published

From: Fast Market Research, Inc.
Published: Tue Apr 07 2015

Despite a challenging pricing and reimbursement situation compounded by currency uncertainty, BMI still believes the Turkish pharmaceutical market is an attractive long - term prospect as higher year-on-year growth rates will return from 2015 . In contrast to European markets where manufacturers can expect to achieve higher prices, but with a stagnant growth outlook, Turkey offers strong growth potential if drugmakers are able to accept prices that are considerably below the European average and turn a profit on the low margins available .

Headline Expenditure Projections

* Pharmaceuticals: TRY17.16bn (USD9.00bn) in 2013 to TRY18.28bn (USD8.38bn) in 2014; +6.5% in local currency and -6.9% US dollar terms.
* Healthcare: TRY99.46bn (USD52.19bn) in 2013 to TRY109.37bn (USD50.17bn) in 2014; +10.0% in local currency and -3.9% US dollar terms.

Risk/Reward Index

Turkey's Pharmaceutical Risk/Reward Index (RRI) score for Q115 is 55.9, unchanged from the previous quarter. The country is ranked the sixth most attractive business environment out of the 20 markets surveyed in Emerging Europe. 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.

Full Report Details at

Key Trends And Developments

* New monthly data released by the Turkish drugmakers' body Association of Research-Based Pharmaceutical Companies (AIFD) for 2014 points to a real-term decline in pharmaceutical sales. Although sales grew in the first seven months of the year in lira terms by 6.2% to TRY9.38bn, in US dollar terms, sales fell by 7.2% year-on-year (y-o-y) to USD4.30bn, worse than our already bearish expectations. As a result, we have revised down our forecast for 2014, 2015 and 2016 on the back of this data.
* The...

The Turkey Pharmaceuticals & Healthcare Report features BMI Research'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 Turkey pharmaceutical and healthcare industry.

Key Benefits

* Benchmark BMI's pharmaceutical and healthcare market 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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