Turkey leading MENA region in pharma

Turkey is fast emerging as a new center for pharma manufacturing, and continues to dominate the Middle East and North Africa pharma region.

The Turkish pharma market is now valued at $5.44 billion, an 8% increase from 2013, according to the 2014 CPhI Pharma Insights report. It has more than 300 companies domestically, most of which are cGMP-compliant, and produces more than 8,000 drugs. Exports have grown nearly 5% in the past year and now stand at just under $1 billion, with medicines generally going to South Korea, Switzerland, Germany, Iraq and Iran. Many of Turkey’s largest manufacturers are currently achieving double-digit growth rates.

Gökhan Gökçe, partner at law firm YükselKarkınKüçük, commenting on international interest in Turkish pharma, said: “In the coming five years we will continue to see multinational corporations invest in the Turkish market, and we know of several large global companies that are looking to make buy-ins.”