Macroeconomic developments currently looming over Turkey's pharma market

Turkey's pharmaceutical market has faced stifling regulatory control over the last five years, which drugmakers have largely borne in return for access to a growing market. With market growth in question over the short-term and Business Monitor’s 2014 forecast posing downside risk, macroeconomic developments are currently looming over pharmaceutical market development.

In Business Monitor’s Pharmaceutical Risk/Reward Rating table Turkey is ranked the ninth most attractive business environment out of the 20 markets surveyed in Emerging Europe, declining from fifth in the previous quarter on account of a declining assessment of both market potential and regulatory risk. Turkey's large drug market, coupled with the sector's long-term growth potential, means that the country scores above the average for the region in spite of a slight downward adjustment to Business Monitor’s appraisal. In terms of risks, several rounds of pricing reforms mean that the country scores slightly below the regional average.

Key trends and developments covered by the report include: