Turkish pharmaceuticals industry increases exports

Turkish pharmaceuticals sector continues along a robust growth path. Having a strong domestic market of $7 billion, which currently ranks 18th in the world, Turkish pharma is now focusing more and more on exports. In 2021, the industry’s export volume increased by 3.7% percent on a year-on-year basis to reach $1.91 billion.

According to an analysis by the daily newspaper Dünya based on data from Istanbul Chemicals and Chemical Products Exporters’ Association (İKMİB) and the Turkish Union of Pharmaceutical Industry Employers (İEİS), growth in Turkish pharma is driven by the value added generated by the industry and its profound R&D capabilities.

Turkiye still has a foreign trade deficin in pharmaceuticals, as imports totalled $7.52 billion in 2021 . However, as the report by Dünya newspaper reveals, exports are rising faster than imports. Over the past seven years, pharmaceutical exports went up by 73,7% whereas imports increased by 52.3%.

In 2021, Turksh pharma companies exported to a total of 190 countries, with 53.4% of exports destined to Asian markets and 35.7% to European markets. South Korea has been the largest buyer of Turkish pharmaceuticals, followed by Azerbaijan, and Iraq. In terms of pharmaceutical imports, Turkey’s main source in 2021 has been Belgium, followed by Germany, and China.

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