As a major player in the healthcare sector, Turkey has great potential in the production of pharmaceuticals and medical supplies. Turkey’s pharmaceutical sector is worth approximately 7 billion dollars as of 2023. There are more than 500 pharmaceutical manufacturers and more than 300 medical equipment manufacturers operating in the country. The sector is growing at 10% annually and exports account for 20% of total production.
Turkey has a strong healthcare infrastructure and an extensive network of healthcare services. Modern hospitals, health centers and laboratories offer a large market for companies operating in the pharmaceutical and medical supplies sector. In addition, Turkey’s R&D capacity and skilled workforce support innovation in the sector.
Turkey’s aging population, rising healthcare expenditures and evolving healthcare services create a huge market potential in the pharmaceuticals and medical supplies sector. By 2023, healthcare expenditures in Turkey will be around USD 40 billion. Moreover, Turkey is a major supplier of pharmaceuticals and medical supplies to the Middle East, Africa and Europe.
The Turkish government provides various incentives and regulations to support the healthcare sector. R&D incentives, tax breaks, investment incentives and public-private partnership projects offer significant advantages for companies operating in the sector.
Turkey’s pharmaceutical and medical equipment sector is worth approximately 7 billion dollars as of 2023. There are more than 500 pharmaceutical manufacturers and more than 300 medical equipment manufacturers operating in the country. The sector is growing at 10% annually, with exports accounting for 20% of total production. Healthcare spending in Turkey is around $40 billion. This creates new opportunities in the sector.