Industry Trend Analysis - New Data Confirms Bullish Outlook For Pharmaceuticals And Healthcare Markets - JAN 2018

BMI View: Turkey ' s pharmaceuticals and healthcare markets are set for robust growth over the long term, outperforming the majority of its regional peers. Continued strong growth in state spending will support market growth, driven by the Health Transformation Plan. However, we highlight that macro risks will increasingly place downside risks to this expansionary fiscal outlook, leading to growth deceleration over the long term. Innovative drugmakers will remain averse to the high degree of risks inherent in the market.

Newly-released annual healthcare expenditure data from the Turkish Statistical Institute, TurkStat (TUIK), compounds our long-held view of the significant growth opportunities in Turkey. Confirmed data for both healthcare expenditure and pharmaceutical spending were higher than previously calculated, leading to upward revisions in our long-term forecasts. Despite these changes, the major drivers and impediments to growth remain.

Healthcare Dominated By State , But Risks Increasing

Significant Downside Risks To Government Health Spending Growth
Turkey: Healthcare Market Forecast (TRYbn)
f = BMI forecast. Source: World Health Organization (WHO), TurkStat (TUIK), BMI

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