Turkey Generic Drugs Market Competition Forecast and Opportunities, 2028

Turkey Generic Drugs market is expected to grow at a significant rate during the forecast period. The factors attributing to the growth of the market are strong domestic production capacity, the availability of a skilled workforce, an increase in aging population with a growing disease burden, and international investment activity continues to increase. The generic drug market refers to the segment of the pharmaceutical industry that produces and sells generic versions of branded drugs. A generic drug is a medication that contains the same active ingredient as a brand-name drug and is equivalent in dosage, strength, route of administration, quality, and intended use. Generic drugs are typically sold at a lower cost than brand-name drugs. Drugs classified as generics have the same chemical composition as active branded medicine. In terms of dosage, potency, administration method, quality, performance, and use, these medications are equally effective and more affordable than name-brand medications. Government laws apply to generic medications in different nations, instead of being tied to a certain business.

There is a great need for generic drugs due to the rising prevalence of chronic diseases, diabetes, and cardiovascular diseases, the ageing population, the rising cost of healthcare, the numerous branded products whose patents have expired, and the growing number of elderly people. A huge increase in the need for newer versions of generic medications, more clinical trials, and more licensing and partnering initiatives by major vendors to introduce new products are all factors that will contribute to the high demand for generic medications soon.

One of the main factors driving the growth of the generic drug market in Turkey is the country's universal health coverage system, which provides free healthcare services to all citizens. This has created a strong demand for affordable medications, and generic drugs have become a popular choice for both patients and healthcare providers. Another factor contributing to the growth of the generic drug market in Turkey is the country's strong domestic manufacturing base. Many local pharmaceutical companies specialize in the production of generic drugs, and the government has implemented policies to encourage the growth of the sector. Overall, the generic drug market in Turkey is expected to continue to grow in the coming years, driven by increasing demand for affordable healthcare and a supportive regulatory environment.

Low Cost of Generics as an Alternative to Branded Drugs

The low cost of generic drugs is typically because the companies producing them do not have to invest as much money in research and development as the companies that develop brand-name drugs. This allows them to sell their products at a lower cost while still maintaining profitability. In addition, once a drug's patent expires, other companies can legally produce and sell generic versions of the drug. This creates competition in the market, which further drives down the cost of the drug. Moreover, the production of generic drugs is also often outsourced to countries with lower labor costs, which can further reduce the cost of production. It is worth noting that while generic drugs are generally less expensive than brand-name drugs, they are still regulated by the FDA and must meet the same safety and efficacy standards. This means that generic drugs are just as effective and safe as their brand-name counterparts but are available at a lower cost.

In addition to the lower research and development costs, generic drug manufacturers also benefit from economies of scale. Since generic drugs are typically produced in large quantities, the cost per unit is lower than it would be for a smaller production run. This allows generic drug manufacturers to offer their products at a lower price than the brand-name version.

Furthermore, once a drug's patent protection expires, other manufacturers can enter the market with their own versions of the drug. This competition further drives down the price of the drug, as manufacturers compete to offer the lowest price. Overall, the combination of lower research and development costs, economies of scale, and competition among manufacturers results in the low cost of generic drugs.

Branded medicine prices are set by corporations that manufacture them, while generic drug prices cannot be set at random since the government regulates their costs. The cost of generic and branded medications differs by 5 to 10 times. Furthermore, the low cost of production is due to the fact that generic medicine manufacturers do not spend money on advertising, which is an aspect that drives the growth of generic drugs in Turkey. Additionally, prices are also lowered as a result of the intense rivalry among generic medicine makers. Moreover, generic drugs provide the same pharmacological actions as compared to branded drugs and are easily available in the market. Hence, generic drugs are affordable with the same pharmacological action, which in turn, supports the growth of the market throughout the forecast period.

Rise in Chronic Diseases is Driving the Growth of the Market.

The prevalence of chronic diseases, diabetes and cardiovascular diseases, the rise in the ageing population are the main drivers driving the expansion of the generic drug market. The growing prevalence of diabetes in Turkey can be attributed to a variety of factors, including changes in lifestyle and diet, genetic predisposition, and an aging population. One of the main reasons for the increase in diabetes in Turkey is the adoption of a more sedentary lifestyle and a Western-style diet high in processed foods, sugar, and unhealthy fats. This has led to an increase in obesity and a higher risk of developing diabetes. Lastly, inadequate access to healthcare and diabetes education may also contribute to the growing prevalence of diabetes in Turkey. Lack of awareness about the importance of healthy eating habits, physical activity, and regular check-ups can make it difficult to prevent and manage diabetes effectively.

According to the most recent WHO data, the number of fatalities from diabetes mellitus in Turkey reached 17,900 in 2020, which is 4.60% of all deaths. Turkey is ranked 109 in the world by age-adjusted Death Rate, which is 20.07 per 100,000 of the population. Furthermore, as per WHO in 2020, 14,763 people died from hypertension, constituting 3.79% of all fatalities in Turkey. Turkey is ranked 100th in the world by age-adjusted Death Rate, which is 16.35 per 100,000 of the population. One of the most significant health challenges in Turkey is cardiovascular disease, which is the leading cause of death in the country. Other common health concerns in Turkey include respiratory diseases, cancer, and diabetes. In recent years, the country has also seen an increase in the number of cases of COVID-19 which has affected people all over the world.

It is important to note that diseases and health concerns can vary depending on various factors such as geographic region, population demographics, and environmental factors. Therefore, it is always recommended to consult with local health authorities and medical professionals for the most up-to-date information on specific health concerns in a particular region. Therefore, rise in chronic diseases is expected to fuel the demand of generic medicines as cardiovascular drugs are high in demand.

Segmentation

Turkey Generic Drugs Market is segmented based on Type, Mode of Drug Delivery, Form, Source, Distribution Channel, Application and By Region. Based on type, the market is divided into Small Molecule Generics and Biosimilars. By Mode of Drug Delivery, the market is divided into Oral, Parenteral, Topical, and Others. By Form, the market is divided into Tablets, Capsules, Injections, and Others. By Source, the market is divided into Contract Manufacturing Organizations and In-House Manufacturing. By Distribution Channel, the market is segmented into Retail Pharmacies, Hospital Pharmacies, Online Pharmacies, and Others), By Application, the market is categorized into Cardiovascular Diseases, Diabetes, Oncology, Neurology, Anti-Inflammatory Diseases, and Others.

Market Players

AbbVie Türkiye, Amgen Inc., Bilim Pharmaceuticals, Bristol-Myers Squibb Company, EastPharma Ltd, Ferring Ílac Sanayi ve Ticaret Ltd Sti (Ferring Global), Gensenta İlaç Sanayi ve Ticaret A.Ş., GlaxoSmithKline Turkey, ITALFARMACO S.p.A., Menarini Türkiye (Menarini Group), Merck & Co., MS Pharma, Novartis Turkey, Pfizer Turkey, Takeda Pharmaceutical Company.

Report Scope:

In this report, the Turkey Generic Drugs Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Turkey Generic Drugs Market, By Type:

• Small Molecule Generics
• Biosimilars

Turkey Generic Drugs Market, By Mode of Drug Delivery

• Oral
• Parenteral
• Topical
• Others

Turkey Generic Drugs Market, By Form

• Tablets
• Capsules
• Injections
• Others

Turkey Generic Drugs Market, By Source

• Contract Manufacturing Organizations
• In-House Manufacturing

Turkey Generic Drugs Market, By Distribution Channel

• Retail Pharmacies
• Hospital Pharmacies
• Online Pharmacies
• Others

Turkey Generic Drug Market, By Application

• Cardiovascular Diseases
• Diabetes
• Oncology
• Neurology
• Anti-Inflammatory Diseases
• Others

Turkey Generic Drugs Market, By Region

• Marmara Region
• Central Anatolia
• Eastern Anatolia Region
• South-Eastern Anatolia Region
• Aegean Region
• Mediterranean Region
• Black Sea Region

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Turkey Generic Drugs Market.

Available Customizations:

With the given market data, the publisher offers customizations according to a company’s specific needs.


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