Another Year, Another Price Cut

BMI View: The Turkish pharmaceutical market has received another blow from the government that considerably decreases its attractiveness to drugmakers and will result in another year of negligible growth and lower prices. Since 2009, Turkey's pharmaceutical industry has been beset by government-imposed price controls. A price cutting decree in December 2009 was followed by price cuts in the December 2010 decree and, one month earlier than in previous years, on November 10 2011 another decree was passed that will reduce prices further. The government's December 2009 agreement not to make significant additional changes for a period of three years seems to be long forgotten. Our short- and long-term projections have been revised downwards.

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