Turkey pharmaceuticals market worth $10.8 billion in 2009, but set to reach $20.4 billion in 2014

The outlook for pharmaceutical companies operating in the Emerging Europe region has improved further over the past quarter, as shown by Business Monitor International’s updated Pharmaceuticals and Healthcare Business Environment Ratings (BERs) matrix. However, while Turkey’s compound quarterly score has improved somewhat, its regional ranking has actually worsened to sixth (from fourth), overtaken by Russia and Hungary.

Globally, Turkey remains 26th of the 83 pharmaceutical markets surveyed by BMI. While a number of large multinationals have indicated that Turkey is of major interest to them as a key emerging market, the recent pricing and reimbursement reforms will continue to weigh on the growth of market values, as will shortcomings in its intellectual property (IP) environment.

In fact, during the most recent European Union-Turkey Association Council's meeting, the EU backed Turkey's constitutional amendments, a small step on the long road to accession. However, despite some positive moves, the EU stated concerns over many aspects of Turkey's business environment, including the pharmaceutical industry.