The IQVIA data for the year 2023 from the Turkiye pharmaceutical market reveals a year of exceptional growth and transformation, particularly when we consider it in terms of the United States dollar (USD).
Striking Surge in USD Average Product Prices: One of the most notable aspects is the remarkable 28% increase in the average product price when measured in USD. This substantial jump suggests a dynamic pricing environment, possibly influenced by inflationary pressures and fluctuations in exchange rates.
Significant Expansion in Total USD Market Value: The market’s overall value, when expressed in USD, witnessed a remarkable surge of 33% compared to the preceding year. This indicates a substantial surge in demand for pharmaceutical products or a notable increase in their overall value.
Favorable Shift in CAGR: The Compound Annual Growth Rate (CAGR) for the USD market volume displayed a positive turn, reaching 6%. This signifies sustained growth over five years, a testament to the market’s resilience.
Surpassing Pre-2019 USD Volume: It’s worth highlighting that the total USD market volume has now surpassed the levels observed in 2019, underscoring the market’s robust recovery and expansion, even outperforming pre-pandemic levels.
A Year of Triumph and Transformation in Turkiye’s Pharmaceutical Market
These statistics underscore an extraordinary year for Turkiye’s pharmaceutical market in 2023. This success can be attributed to a combination of strategic pricing strategies, heightened demand for pharmaceutical products, and adept navigation of a complex economic landscape. The industry’s tenacity becomes even more apparent when considering the substantial growth achieved despite facing global economic challenges.
However, this positive trend raises pertinent questions regarding the reasoning behind widespread workforce reductions and industry-wide restructuring efforts. These actions have often been perceived as reactions to declining profitability. It appears that these measures may be part of a broader strategy aimed at enhancing profitability in markets like Turkey, especially in light of the pricing pressures observed in the United States.
While achieving high profitability may align with the prevailing market dynamics, it is worth engaging in thoughtful consideration of whether companies can continue to sustain growth in an expanding market while concurrently implementing downsizing and restructuring initiatives. The delicate balance between maintaining growth and optimizing operational efficiency remains a central concern in the pharmaceutical market’s ongoing transformation in Turkiye.
We extend our sincere appreciation to Güvenç Koçkaya for his valuable contributions to the industry for this analysis of IQVIA Turkiye sales data.
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