Turkish Pharma Sector Rebounds, But Drugmakers Still Making Losses

Sales of drugs in Turkey grew 17.7% to $1.72 billion last year, afterdeclining for the past few years because of the 1994 Turkish financial crisis, according to the country's Pharmaceutical Manufacturers Association, which noted that the industry in general continued to report losses, though at a reduced level.

The pharmaceutical industry had an average 3.6% loss in first-half 1997, compared to a loss of 4.4% in 1994, 7% in 1995 and 3.7% in 1996, according to association president Kaya Turgu, who told Reuters that the sector as a whole last showed a profit in 1993.

Mr Turgu blamed the Turkish price-control policy for the losses, and noted that the pharmaceutical industry is the only privately-owned but state-controlled sector in the country.