Turkey's pharmaceutical industry forecast to reach $5.53 billion by 2020; report

18 August 2016

The pharmaceutical market in Turkey is set to rise from $5 billion in 2015 to $5.53 billion by 2020, representing a compound annual growth rate of 2%.

According to research and consulting firm GlobalData’s latest report, Turkey’s pharmaceutical market has changed extensively over the past decade due to the Health Transformation Program – introduced by the government in 2003 – and has become one of the country’s most progressive sectors.

Due to the impact of the Health Transformation Program, pharmaceutical sales (as measured by volume) increased by 22.1% from 2009 to 2014. This was mainly supported by improved medical access and an increase in the number of multinational pharmaceutical companies in the Turkish pharmaceutical market. Turkish pharmaceuticals are now sold in 144 countries, which include member nations of the European Union, the Commonwealth of Independent States (CIS), North Africa, and the Middle East.

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