Sabah – R-Pharm, one of Russia’s leading pharmaceutical producers is planning to invest up to EUR 100 million in a subsidiary in Turkey, initially for marketing and promotion of its products with manufacturing to be added at a later stage.
With a recently opened office in Istanbul, R-Pharm intends to invest in biotechnology manufacturing in Turkey, according to its CEO Vasily Ignatiev, who said that the company was aiming to export its products to the Middle Eastern and African markets from Turkey, taking advantage of the country’s strategic location. The planned manufacturing investment will amount to EUR 100 million, Ignatiev added, without disclosing further details.
Turkey has the 14th largest pharmaceuticals market in the world and 6th largest in Europe. The country has special investment incentives in place to encourage local production of pharmaceuticals.