Health Services, Pharmaceutical and Medical Devices
Turkey, with its Transformation in Health Program, has undergone a major transformation and development in the last decade and is now aiming to become the center of attraction for health in its region.
As a result of the increase in the demand for health services in the last 10 years, the bed capacity in public and private hospitals has increased by approximately 40%. Turkey has allocated a budget of 10 billion US dollars for its largest health project to date, city hospitals, which will have 40 thousand bed capacity, in 24 cities around Turkey.
Growing parallel to the health sector, pharmaceutical industry is one of the sectors with the biggest R&D potentials in Turkey. Turkey is estimated to be the world’s tenth biggest pharmaceutical consumer by 2023, and being one of the fastest developing pharmaceutical markets in the world hastens the entry of foreign capital to Turkey.
In the general pharmaceutical market, the biotechnological drugs sector is emerging as the most popular investment area. Just as the rest of the world, interest and investments in this field in Turkey is in a trend of rapid growth. The importance of investment potential for biotechnological products is can be better understood as close to 50 percent of Turkey's pharmaceutical imports consist of biotechnological products and there are numerous incentives promoted by the government in the recent years.
With its medical device market worth US $ 2.3 billion, Turkey covers the 0.6% of the total world market and is located within the first 20 countries in the world ranking. In the medical device sector, where most of the companies are importers, 85% of the domestic demand is covered by imports. In line with the goal of “localization”, policy makers are moving to substitute imported products in medical devices, as in medicine, with domestic production, and then increase exports in the sector.
The healthcare, medical device and pharmaceutical sectors are always at the forefront with their dynamism and development potential. Corintco offers its clients strategy formation, legislation monitoring and implementation, utilization of incentive systems and public communication services in their investment phase and during the launch of new products to the market.