The Eurasian region is on the precipice of an exponential pharmaceutical sector growth, with Turkey as a core country within this region .With growth forecast to reach $16 billion this year, Turkey’s pharmaceutical sector is currently ranked seventh in Europe and 16th globally. The next few years are expected to be very exciting for investing in this region. Last year alone, the Turkish pharmaceutical market grew at a rate of 6.5 per cent and as populations regionally continue to age, there is an increased need for healthcare.
The Turkish government is introducing financial incentives in an attempt to attract more international drug producing companies and exports are estimated to rise to a potential $ eight billion. Additionally, from 2011 to 2015, about 33 investment projects worth $400 million are planned for establishing new and modernising existing pharmaceutical industries in Middle East North Africa (MENA) and Central Asia.
This commitment to creating reformed healthcare economies represents a tremendous growth opportunity for private companies both local and international- especially for higher-yield pharmaceutical products where demand is rising rapidly, which is attracting the attention of multinational pharma companies.
Additionally, there are a significant number of pharmaceutical companies operating in Istanbul, with exports to neighbouring countries reflecting the continued growth of the region and the potential for Turkey to become a foremost provider of pharmaceuticals across Eurasia.
Further, whilst currently regarded as a manufacturing specialist (particularly in the generics field), significant trends are showing an increase in R&D efforts across Eurasia, and particularly in Turkey. Many international companies are showing an increased interest to break into the
Turkish market through partnerships.
CPhI, leading pharmaceutical networking event and the UBM Live's latest addition to its global pharmaceutical events portfolio,will be taking place from June 4 to 6, 2014 at the Lutfi Kirdar International Convention and Exhibition Centre in Istanbul at a time when tremendous changes are taking place in the pharma sector of Turkey.
Says Chris Kilbee, Group Director CPhI Pharma portfolio"This is the event’s first edition, which will bring together local Turkish and regional drug manufacturers with global suppliers of raw materials. The event will undoubtedly help to build and develop the region as a prime area for manufacturing both locally and internationally. CPhI Istanbul will form a central business hub for the 22 countries within this vibrant region and will help stimulate growth in what is already a dynamic and readily reforming and modernising healthcare and pharma market".
With the event located in Istanbul, it acts as a central melting pot for both the Turkish pharmaceutical sector, those in Eurasia, Central Asia and MENA regions. There are also a significant number of pharmaceutical companies operating in Istanbul, with exports to neighbouring countries reflecting the highly regarded position Istanbul holds within the market and it's potential to become a foremost provider of pharmaceuticals.
CPhI Istanbul 2014 co-located with three sister events P-MEC, InnoPack and ICSE will prove to be the first centralised event for regional drug manufacturers to meet with global suppliers of raw materials, machinery, packaging solutions and contract services, as well as attracting visitors from the region looking for suppliers and manufacturing partners to bring cost-competitive pharmaceuticals to their individual markets.
While ICSE connects the pharmaceutical community with outsourcing solution providers, Innopack brings together buyers and sellers from the packaging and pharmaceutical industries P-MEC delivers innovative pharmaceutical machinery, equipment and technology to decision makers
On June 4 and 5, there will be an official conference programme running alongside CPhI Istanbul. Providing an invaluable opportunity to learn more about the Turkish pharma market and featuring opinion leaders from government, academia and industry, the conference will run seminars including “The Turkish Pharma Market & Key Pharma Trends” and “Turkish Market Access Opportunities”.
For planning the next business move within the region these seminars will enable a depth of insight that will greatly aid decision making.
Additionally, there will be exhibitor showcases at the event, providing a great platform for exhibitors to educate the industry about their products, services, innovations and news.
About 3500 visitors are expected to attend CPhI Istanbul. There will be 94 Turkish exhibitors and about 115 international exhibitors from key countries including exhibitors from the region's largest healthcare economies of Israel, Egypt, and Saudi Arabia clearly exemplifying the increased globalisation of the entire industry.There will be 31 exhibitors from India, including leading Indian companies such as HETERO Drugs, Alchem International and Oceanic.
In its effort to explore newer pharmaceutical markets in Turkey and surrounding region, Pharmexcil is planning to participate in CPhI Istanbul for the first time. While Pharmexcil will be hosting an India pavilion at CPhI Istanbul, the China Chamber of Commerce of Import and Export of Medicines & Health Products (CCCMHPIE) will be organizing a pavilion with manufacturers from China.
According to Raghuveer Kini, executive director, Pharmexcil, Istanbul offers huge market potential for the Indian generics. Today India is already regarded as the second largest supplier of generic medicines by volume in the world. It is also known for its high quality and affordable medicines and has even captured sizeable markets in USA and Europe. In view of this, it is high time for the Indian firms to explore other areas as well.
Particularly the Indian firms interested in exporting medical and healthcare services can utilise this platform and build their business prospects by taking part in face-to-face networking with regional companies. They could even build partnerships, learn about the growing markets and discover new business opportunities in the MENA, Central Asia and Caucasus regions, informed Kini.
The council is also facilitating marketing development assistance (MDA) to the pharma companies interested to participate in the event. All the members who have one year membership with the council and whose export turnover during previous year is less than Rs.30 crore are eligible for MDA to an extent of Rs. 150000 subject to other provisions of MDA scheme. This facility is also available for members who wish to participate in the Common Space.
As Pharmexcil is participating for the first time in this event, it expects all the member firms to utilise this opportunity and build strong business network in the unexplored areas.
Says Chris Kilbee"One of the largest challenges faced by the pharmaceutical industry in Eurasia is breaking into international markets (Western Europe and the coveted US market for example). Thinking of Turkey specifically- due to an absence of EU membership it is more difficult for manufacturers to make inroads into the profitable European and US markets, as often a second release of products is required, and many manufacturers are choosing to take a partnership approach within Europe.
The advantages of price competitive pharmaceuticals, produced to a comparable standard should see this market expand however and by attending CPhI Istanbul, companies are presented with a wealth of opportunities to form international partnerships. This in turn will make market entrants easier and, ultimately, enable companies to achieve their wider industry goals and establish Turkey as the definitive player and supply of drugs globally."
CPhI Istanbul will provide an unrivalled platform for those seeking to enter the Turkish pharmaceutical market. As a healthcare economy the country is seeing tremendous changes, particularly with an ageing population and increased healthcare spending. As the government is now increasing its healthcare infrastructure, this would position Turkey as a key player within the global pharmaceutical industry and CPhI Istanbul will be a key driver for those wishing to break into this region.