US pharma company Baxter mulling new investments in Turkey

Dünya – Turkey is increasing its appeal as a center for the development and production of drugs in the eyes of global pharmaceutical companies, Turkey’s Minister of Science, Industry and Technology, Nihat Ergun has said.

Ergun, currently in Boston, USA, to attend the 2012 Bio International Convention, told reporters that US healthcare company Baxter is considering to increase its investments in Turkey. Baxter is already active in the Turkish market in partnership with Eczacibasi, one of Turkey’s oldest pharmaceutical companies, in providing hospital supplies. “Baxter is planning an investment of USD 170-180 million in the first phase and is considering the production of new drugs in Turkey..”, Ergun said on the sidelines of the conference. Turkey’s official investment agency, Investment Support and Promotion Agency of Turkey (ISPAT) and more than a dozen Turkish companies are attending the the organization that brings together thousands of industry leaders from 65 countries.

The Minister also held meetings with the executives of the world’s leading pharmaceutical companies on Turkey’s huge potential for the global pharma industry and the country’s latest investment incentive scheme. Turkey provides special incentives for projects that include research and development (R&D) studies. Most recent international transaction in Turkey’s pharma sector has been the acquisition of local generics maker Mustafa Nevzat by the US biotechnology company Amgen for USD 700 million.

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