Sharp Rise in Turkish Drug Exports
According to Turkey's State Statistics Institute, the country exported pharmaceuticals worth US$68.9mn in the first quarter, soaring 35.6% year-on-year. Meanwhile, imports also grew 14.3% year-on-year to US$685mn.
The results are largely in line with many market observers' expectations, as the local industry continues to rapidly modernise and align standards with European Union norms. Larger local producers have already shown the way, with domestic firm Eczacibasi among a small number beginning to expand foreign activity.
Imports are likely to have grown as a result of the market's increasing dependence
on innovative foreign drugs and raw materials, with the local manufacturing
industry unable to meet demand for the latest products.