Exploring MINT: Part 3 - Turkey
In the fourth and final of a series of posts focusing on each of the ‘MINT’ markets, I take an in-depth look at the opportunities and challenges for pharma in Turkey.
Why Turkey?
With a population of approximately 75 million, Turkey has the smallest population of all of the ‘MINT’ markets. It is, however, of particular relevance from a world trade perspective. As in Mexico, where its location linking the US and Latin America gives it regional importance, Turkey’s location between Europe and Asia extends its relevance beyond its own population. Where East meets West, it has for centuries been considered a bridge between the two civilizations, and is increasingly seen as a strategic location for multinational companies to establish themselves. As growth in neighbouring EU markets has stalled since the 2008 global financial crisis, so Turkey has caught the attention of the pharma industry, largely due to its comparatively untapped potential in the context of increasing access to healthcare and the second-fastest growing GDP in the world in 2011 (exceeded only by China).
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