Turkiye’s pharma market surges as R&D grows
AgenciesTürkiye’s pharma industry, one of the leading in the region and Europe, has seen a notable increase in R&D spending over the 2020-2024 period, according to a report on Tues...
Türkiye's pharmaceutical sector has experienced a significant surge in research and development (R&D) activities over the past five years, according to a recent report. The industry's R&D expenditures skyrocketed eight and a half times between 2020 and 2024, soaring from TL 676.2 million (approximately $14.2 million) to an impressive TL 5.6 billion.
This substantial increase in funding underscores the industry's growing importance in the region and beyond, as it strives to maintain its position among the leading pharmaceutical markets in Europe.
The Turkish Competition Board (RK) has highlighted the pharmaceutical industry as a sector demanding substantial capital investment, utilizing cutting-edge technology, and heavily investing in R&D. Companies focused on developing new products, marketing reference drugs protected by patents, and demonstrating a strong commitment to R&D activities are classified as originator pharmaceutical firms.
Consequently, the surge in R&D investments has led to the rapid introduction of novel medications, increased product diversity, and the potential for stronger competition between originator and generic drug manufacturers.
The report further reveals that the world's top 50 pharmaceutical companies by sales in 2023 commanded an overwhelming 88% of the US pharmaceutical market and a substantial 49% of the Turkish market.
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