Turkey Generic Drugs market is expected to grow at a
significant rate during the forecast period. The factors attributing to the
growth of the market are strong domestic production capacity, the availability
of a skilled workforce, an increase in aging population with a growing disease
burden, and international investment activity continues to increase. The
generic drug market refers to the segment of the pharmaceutical industry that
produces and sells generic versions of branded drugs. A generic drug is a
medication that contains the same active ingredient as a brand-name drug and is
equivalent in dosage, strength, route of administration, quality, and intended
use. Generic drugs are typically sold at a lower cost than brand-name drugs.
Drugs classified as generics have the same chemical composition as active
branded medicine. In terms of dosage, potency, administration method, quality,
performance, and use, these medications are equally effective and more
affordable than name-brand medications. Government laws apply to generic
medications in different nations, instead of being tied to a certain business.
There is a great need for generic drugs due to the
rising prevalence of chronic diseases, diabetes, and cardiovascular diseases,
the ageing population, the rising cost of healthcare, the numerous branded
products whose patents have expired, and the growing number of elderly people.
A huge increase in the need for newer versions of generic medications, more
clinical trials, and more licensing and partnering initiatives by major vendors
to introduce new products are all factors that will contribute to the high
demand for generic medications soon.
One of the main factors driving the growth of the
generic drug market in Turkey is the country's universal health coverage
system, which provides free healthcare services to all citizens. This has
created a strong demand for affordable medications, and generic drugs have
become a popular choice for both patients and healthcare providers. Another
factor contributing to the growth of the generic drug market in Turkey is the
country's strong domestic manufacturing base. Many local pharmaceutical
companies specialize in the production of generic drugs, and the government has
implemented policies to encourage the growth of the sector. Overall, the
generic drug market in Turkey is expected to continue to grow in the coming
years, driven by increasing demand for affordable healthcare and a supportive
regulatory environment.
Low Cost of Generics as an Alternative to Branded
Drugs
The low cost of generic drugs is typically because the
companies producing them do not have to invest as much money in research and
development as the companies that develop brand-name drugs. This allows them to
sell their products at a lower cost while still maintaining profitability. In
addition, once a drug's patent expires, other companies can legally produce and
sell generic versions of the drug. This creates competition in the market,
which further drives down the cost of the drug. Moreover, the production of
generic drugs is also often outsourced to countries with lower labor costs,
which can further reduce the cost of production. It is worth noting that while
generic drugs are generally less expensive than brand-name drugs, they are
still regulated by the FDA and must meet the same safety and efficacy
standards. This means that generic drugs are just as effective and safe as
their brand-name counterparts but are available at a lower cost.
In addition to the lower research and development
costs, generic drug manufacturers also benefit from economies of scale. Since
generic drugs are typically produced in large quantities, the cost per unit is
lower than it would be for a smaller production run. This allows generic drug
manufacturers to offer their products at a lower price than the brand-name
version.
Furthermore, once a drug's patent protection expires,
other manufacturers can enter the market with their own versions of the drug.
This competition further drives down the price of the drug, as manufacturers
compete to offer the lowest price. Overall, the combination of lower research
and development costs, economies of scale, and competition among manufacturers
results in the low cost of generic drugs.
Branded medicine prices are set by corporations that
manufacture them, while generic drug prices cannot be set at random since the
government regulates their costs. The cost of generic and branded medications
differs by 5 to 10 times. Furthermore, the low cost of production is due to the
fact that generic medicine manufacturers do not spend money on advertising,
which is an aspect that drives the growth of generic drugs in Turkey. Additionally,
prices are also lowered as a result of the intense rivalry among generic
medicine makers. Moreover, generic drugs provide the same pharmacological
actions as compared to branded drugs and are easily available in the market.
Hence, generic drugs are affordable with the same pharmacological action, which
in turn, supports the growth of the market throughout the forecast period.
Rise in Chronic Diseases is Driving the Growth of the
Market.
The prevalence of chronic diseases, diabetes and
cardiovascular diseases, the rise in the ageing population are the main drivers
driving the expansion of the generic drug market. The growing prevalence of
diabetes in Turkey can be attributed to a variety of factors, including changes
in lifestyle and diet, genetic predisposition, and an aging population. One of
the main reasons for the increase in diabetes in Turkey is the adoption of a
more sedentary lifestyle and a Western-style diet high in processed foods,
sugar, and unhealthy fats. This has led to an increase in obesity and a higher
risk of developing diabetes. Lastly, inadequate access to healthcare and
diabetes education may also contribute to the growing prevalence of diabetes in
Turkey. Lack of awareness about the importance of healthy eating habits,
physical activity, and regular check-ups can make it difficult to prevent and
manage diabetes effectively.
According to the most recent WHO data, the number of
fatalities from diabetes mellitus in Turkey reached 17,900 in 2020, which is
4.60% of all deaths. Turkey is ranked 109 in the world by age-adjusted Death
Rate, which is 20.07 per 100,000 of the population. Furthermore,
as per WHO in 2020, 14,763 people died from hypertension, constituting 3.79% of
all fatalities in Turkey. Turkey is ranked 100th in the world by age-adjusted
Death Rate, which is 16.35 per 100,000 of the population. One of the most
significant health challenges in Turkey is cardiovascular disease, which is the
leading cause of death in the country. Other common health concerns in Turkey
include respiratory diseases, cancer, and diabetes. In recent years, the
country has also seen an increase in the number of cases of COVID-19 which has
affected people all over the world.
It is important to note that diseases and health
concerns can vary depending on various factors such as geographic region,
population demographics, and environmental factors. Therefore, it is always
recommended to consult with local health authorities and medical professionals
for the most up-to-date information on specific health concerns in a particular
region. Therefore, rise in chronic diseases is expected to fuel the demand of
generic medicines as cardiovascular drugs are high in demand.
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Market Segmentation
Turkey Generic Drugs Market is segmented based on
Type, Mode of Drug Delivery, Form, Source, Distribution Channel, Application
and By Region. Based on type, the market is divided into Small Molecule
Generics and Biosimilars. By Mode of Drug Delivery, the market is divided into
Oral, Parenteral, Topical, and Others. By Form, the market is divided into
Tablets, Capsules, Injections, and Others. By Source, the market is divided
into Contract Manufacturing Organizations and In-House Manufacturing. By
Distribution Channel, the market is segmented into Retail Pharmacies, Hospital
Pharmacies, Online Pharmacies, and Others), By Application, the market is
categorized into Cardiovascular Diseases, Diabetes, Oncology, Neurology,
Anti-Inflammatory Diseases, and Others.
Market Players
AbbVie Türkiye, Amgen Inc., Bilim Pharmaceuticals,
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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Attribute
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Details
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Base Year
|
2022
|
|
Historic Data
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2018 –
2021
|
|
Estimated Year
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2023
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Forecast Period
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2024
– 2028
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Quantitative Units
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Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028
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|
Report coverage
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Revenue
forecast, company share, competitive landscape, growth factors, and trends
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|
Segments covered
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Type
Mode of Drug Delivery
Form
Source
Distribution channel
Application
|
|
Regional scope
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Marmara
Region, Central Anatolia, Eastern Anatolia Region, South-Eastern Anatolia
Region, Aegean Region, Mediterranean Region, Black Sea Region.
|
|
Key companies profiled
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AbbVie Türkiye, Amgen Inc., Bilim Pharmaceuticals, 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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|
Customization scope
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10%
free report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
|
Pricing and purchase options
|
Avail customized purchase options to
meet your exact research needs. Explore purchase options
|
|
Delivery Format
|
PDF
and Excel through Email (We can also provide the editable version of the
report in PPT/Word format on special request)
|
Report Scope:
In this report, the Turkey Generic Drugs Market has
been segmented into the following categories, in addition to the industry
trends which have also been detailed below:
- Turkey Generic Drugs Market, By Type:
- Small Molecule Generics
- Biosimilars
- Turkey Generic Drugs Market, By Mode of Drug
Delivery
- Oral
- Parenteral
- Topical
- Others
- Turkey Generic Drugs Market, By Form
- Tablets
- Capsules
- Injections
- Others
- Turkey Generic Drugs Market, By Source
- Contract Manufacturing Organizations
- In-House Manufacturing
- Turkey Generic Drugs Market, By Distribution
Channel
- Retail Pharmacies
- Hospital Pharmacies
- Online Pharmacies
- Others
- Turkey Generic Drug Market, By Application
- Cardiovascular Diseases
- Diabetes
- Oncology
- Neurology
- Anti-Inflammatory Diseases
- Others
- Turkey Generic Drugs Market, By Region
- Marmara Region
- Central Anatolia
- Eastern Anatolia Region
- South-Eastern Anatolia Region
- Aegean Region
- Mediterranean Region
- Black Sea Region
Competitive Landscape
Company Profiles: Detailed analysis of the
major companies present in the Turkey Generic Drugs Market.
Available Customizations:
With the given market data, TechSci Research offers
customizations according to a company’s specific needs. The following
customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional
market players (up to five).
Turkey Generic Drugs Market is an upcoming report to
be released soon. If you wish an early delivery of this report or want to
confirm the date of release, please contact us at
[email protected]