Sabah – Turkey is working on a new investment incentive to lure global pharmaceutical companies, according to the country’s Minister of Development, Cevdet Yilmaz. Leading the Turkish delegation at the 2014 BIO International Convention, Yilmaz said that state purchase guarantees are available for up to 7 years for pharma companies investing in Turkey.
“Turkey acquires USD 8 billion worth of pharma products every year. We aim to support local production and transfer of know-how through public spending, beginning with blood plasma products”, he noted, adding that the cost of such products to Turkey’s social security system reaches USD 600 million per year.
Encouraging pharmaceutical companies to invest in Turkey, the Minister said that the model of long-term state purchase guarantees, already in place for tablet computers as part of the country’s high tech education initiative – the Fatih Project, could also cover pharmaceuticals. “The legislation allows for such purchases for up to 7 years”, he said.
Focus on research and development
The strong Turkish participation in BIO 2014, coordinated by the Investment Support and Promotion Agency of Turkey (ISPAT), comprised 20 private and 14 public institutions.
Speaking at the event, ISPAT President Ilker Ayci said that local research and development was crucial to increasing the country’s competitiveness in the biotechnology and pharmaceutical sectors. “US pharmaceutical manufacturers are keen on forming partnerships and joint production with Turkish companies”, he remarked.
Of the more than 300 domestic and foreign pharmaceutical companies operating in Turkey, around 70 have manufacturing operations in the country. Multinationals with manufacturing facilities operating in Turkey include Recordati, Sanofi, Amgen, East Pharma, Baxter, Bayer, GSK, Novartis, Pfizer and Roche.