Saturday, April 20, 2024

A Comprehensive Report on Turkiye’s Pharmaceutical Market Dynamics by ECONiX Research

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In a groundbreaking analysis conducted by ECONiX Research, a detailed examination of the Turkish Pharmaceutical and Medical Device Agency’s (TİTCK) Detailed Drug List has shed light on the escalating costs of pharmaceuticals in Turkiye’s pharmaceutical market. The report highlights a stark contrast in the average wholesale prices of original and generic drugs, revealing a significant price discrepancy that has doubled over a year.

According to the research, the average sale price to warehouses for original drugs stands at 8,724 TL, whereas generic drugs are priced much lower, at 1,623 TL. This substantial difference underscores the affordability gap between original and generic medications, a concern for both healthcare providers and patients alike. Notably, the study, which scrutinized 5,840 drugs, found that 60% of these are generic, indicating their critical role in the Turkish pharmaceutical market.

Pharmaceutical Price Dynamics: ECONiX Research Reveals Critical Cost Barriers in Turkiye

ECONiX Research, renowned for its expertise in providing research, analysis, and consultancy services across Eastern Europe, North Africa, the Middle East, and the Turkic Republics, has meticulously analyzed the pricing dynamics based on various factors, including currency exchange rates, reference country changes, and pharmaceutical market updates. Their findings are integral for stakeholders, including drug companies, warehouses, and pharmacists, who closely monitor the weekly updates of the Detailed Drug List.

The disparity in wholesale prices is even more pronounced when considering the source price in euros, with original drugs averaging at €529 and generics at €149. This indicates an 81.39% price difference in TL and a 71.79% difference in euros, reflecting the significant cost barriers faced by the Turkish healthcare system.

Pharmaceutical Market

Unveiling the Impact of International Pricing on Turkiye’s Pharmaceutical Market

The analysis also delves into the reference countries for pricing, with Switzerland commanding the highest average wholesale price for original drugs and Spain registering the lowest. This pattern is mirrored in the pricing of generic drugs, highlighting the diverse pricing strategies across different pharmaceutical markets.

Interestingly, the research underscores that the ranking of reference countries for drug pricing has remained consistent between 2023 and 2022, with Greece emerging as the primary reference country for both original and generic drugs. This consistency suggests a stable, albeit expensive, pharmaceutical pricing structure that continues to impact the Turkish healthcare sector.

As the prices of both original and generic drugs have surged in 2023 compared to the previous year, the findings of this extensive analysis prompt a critical discussion on the sustainability of drug pricing and the need for strategic interventions to ensure the affordability and accessibility of essential medications in Turkiye.


Resource: ECONiX Research, April 03, 2024

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