Turkey Pharmaceuticals Market Is Dominated By General Hospital Through 2028
Increasing medical tourism and rise in healthcare needs in Turkey
is driving the growth of the turkey pharmaceuticals market in the forecast
period, 2024-2028.
According to the TechSci
Research report, “Turkey Pharmaceuticals Market -
By Region, Competition, Forecast, and Opportunities, 2028”.Turkey Pharmaceuticals
Market is projected to increase at an impressive rate in the forecast period,
2024-2028. The pharmaceutical market in Turkey is one of the largest and most
dynamic markets in the region. Turkey has a well-established healthcare system
that provides universal access to healthcare services, and the pharmaceutical
industry is a key part of this system. The pharmaceutical industry in Turkey is
highly regulated, with the Ministry of Health overseeing drug registration,
pricing, and distribution. The government has implemented several policies to
promote the use of generic drugs and reduce healthcare costs, including price
controls, generic substitution, and incentives for pharmacies that sell a high
volume of generic drugs. Overall, the
pharmaceutical market in Turkey is expected to continue growing in the coming
years, driven by factors such as population growth, increasing demand for
healthcare services, and growing focus on innovation and digitalization.
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The Turkey Pharmaceuticals
Market is segmented based on drug type, product type, application, and
distribution channel.
Based on drug type,
the market is categorized into generic and branded drugs. Generic drugs have
been gaining popularity and market share in many countries, including Turkey.
Generic drugs are lower-priced versions of brand-name drugs that have the same
active ingredient, dosage, and intended use as the original product. In Turkey,
the Ministry of Health regulates drug prices and encourages the use of generic
drugs to reduce healthcare costs. According to a 2020 report by the Istanbul
Chamber of Pharmacists, generic drugs make up around 80% of the pharmaceutical
market in Turkey. This high usage rate is due to the availability and
affordability of generic drugs in the country.
Furthermore,
the Turkish government has implemented various policies to promote the use of
generic drugs, such as offering incentives to pharmacies that sell a high
volume of generic drugs and requiring doctors to prescribe them unless a
brand-name drug is medically necessary. As a result, generic drugs have become
the preferred option for many patients in Turkey.
Based on
product type, the market is divided into over-the-counter drugs and
prescription drugs. Over-The-Counter Drugs dominate the Turkey Pharmaceuticals
Market. OTC drugs are medications that can be purchased without a prescription
and are used to treat common ailments such as headaches, colds, and allergies.
They are safe and effective when used as directed and are often less expensive
than prescription drugs. In Turkey, OTC drugs are widely available and
accessible through pharmacies and supermarkets. According to a 2020 report
by the Istanbul Chamber of Pharmacists, OTC drugs make up a significant portion
of the pharmaceutical market in Turkey, with sales increasing year by year. The
growing popularity of OTC drugs in Turkey can be attributed to several factors,
including the convenience of being able to purchase medication without a
prescription, lower cost compared to prescription drugs, and increasing awareness
among the population about the benefits of self-care and the use of OTC drugs
for common ailments.
Based on application,
the market is divided into cardiovascular, oncology, metabolic disorder,
musculoskeletal, anti-infective, and others. Cardiovascular diseases are expected
to dominate the growth of the market throughout the forecast period. As
cardiovascular diseases are the leading cause of death in Turkey, accounting
for around 40% of all deaths. The prevalence of risk factors such as
hypertension, high cholesterol, and obesity is high in the population.
Major
companies operating in the Turkey Pharmaceuticals Market are:
- AbbVie Türkiye
- Amgen Inc.
- Bilim Ilac Sanayii ve Ticaret Anonim Sirketi
- Bristol-Myers Squibb Company
- EastPharma Ltd
- Ferring Ílac Sanayi ve Ticaret Ltd Sti (Ferring Global)
- Gensenta İlaç Sanayi ve Ticaret A.Ş.
- GlaxoSmithKline Turkey
- ITALFARMACO S.p.A.
- Menarini Türkiye (Menarini Group)
- Merck & Co.
- MS Pharma
- Novartis Turkey
- Pfizer Turkey
- Takeda Pharmaceutical Company
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Among
distribution channel, the market is divided into Retail
Pharmacy, Hospital Pharmacy, E-Pharmacy. Retail pharmacies are dominating the
growth of the market. As retail pharmacies in Turkey play a critical role in
providing access to medications and health information for the population.
According to 2020 report, by the Istanbul Chamber of Pharmacists, there are
more than 40,000 pharmacies in Turkey, with one pharmacy for every 2,800 people.
This high density of pharmacies makes it easier for people to access medication
and health services, especially in rural areas. In recent years, there has been
a trend towards larger pharmacy chains and the use of technology to enhance the
pharmacy experience for customers.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based Global management consulting firm.
“Turkey
Pharmaceuticals Market By Type (General, Multispecialty, Specialty), By Type of
Services (In-Patient Services v/s Out-Patient Services), By Bed Capacity (Above
500 beds, 100-500 beds, up to 100 beds)), By Company and By
Region,
has evaluated the future growth potential of Turkey Pharmaceuticals Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision-makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the Turkey Pharmaceuticals Market.”
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