Pharmaceutical Sector Grows Despite Challenging Year

Despite a challenging year, the pharmaceutical sector continued its growth trajectory. According to data from the Pharmaceutical Industry Employers' Association, in the first 10 months of 2023, Turkey's pharmaceutical market reached TRY 167 billion in value and 2.2 billion units in volume. Production increased by 1.9% compared to the same period of the previous year. TRPharm General Director İsmet İnce, noting that the devastating earthquake that struck our country and economic fluctuations had seriously affected the sector, said "2023 was a year of dedication, understanding and some patience for our industry." TRPharm General Director İsmet İnce said the sector had grown despite a difficult year. Noting that progress is being made in exports with each passing day, İnce stated, "Five years ago, sector exports were at the USD 800 million level, while today we have exceeded USD 2 billion. I believe Turkey can reach USD 20-30 billion figures in the long term."

Pointing out that the sector has made significant progress in production, İnce emphasized that 90 out of every 100 medicine boxes consumed in Turkey are produced in Turkey. Noting that further progress is being made in exports with each passing day, İnce continued as follows:

"Five years ago, sector export figures were at the USD 800 million level, while today we have exceeded USD 2 billion. Despite all challenges, our export potential as a country is much greater. Within the next 5 years, we will easily reach USD 5-6 billion. In the long term, I believe Turkey can reach USD 20-30 billion in export figures." [caption id="attachment_159140" align="aligncenter"] İsmet İnce[/caption]

Stating that 2024 will also be challenging for the sector in terms of price and exchange rate dynamics, İnce outlined TRPharm's 2024 targets as follows:

"We currently have more than 70 products, particularly in rare diseases such as oncology, hematology, immunology and metabolism, as well as in ophthalmology, pediatric health and medical aesthetics. We are working to add new products to our portfolio with more than 50 partners. Our objective is to develop original proprietary patented products. Our efforts are proceeding at full speed to add new molecules to our portfolio in the areas we focus on in the coming period. We opened our third office in Accra after Istanbul and Dubai. We will take the first steps toward expansion into Europe in the near future. Our plans for 2024 include many steps to increase our international presence. We continue to work with various business partners in different parts of the world to produce our own products. We are continuing Phase 2 studies of two molecules we developed with our partners for Fanconi Anemia and FMF (Familial Mediterranean Fever)."