HEALTH & PHARMACEUTICAL LAW
The global market for pharmaceutical goods is increasing due to an aging population, advances in drug-based treatment research, increased investment in healthcare and consumer-driven private health coverage, and rising numbers of patients. There are also major challenges such as price pressures, strict regulation, lawsuits and expiring patents those market growth faces. The global pharmaceutical industry is expected to be worth more than $1 trillion in 2014, marking a 5% compound annual growth rate according to researches. The global pharmaceutical industry revenue is forecasted to reach an estimated $1,226.0 billion by 2018, with good growth over the next five years (2013-2018). The industry is expected to register growth led primarily by aging population, changing lifestyles, hectic daily activities, unhealthy eating habits, increasing incidence of chronic diseases across the entire global population providing opportunities for the industry players to grow.
America is leading the global pharmaceutical market and is followed alternately by the Japanese and European markets. According to research by the International Federation of Pharmaceutical Wholesalers (IFPW), there are significant disparities between growth rates in developed and emerging markets based on their capacity to bounce back from the economic crisis. This includes 17 emerging pharmaceutical markets such as China, India, Russia, Brazil and Turkey, predicted to grow at a rate of around 16% largely due to an increase in healthcare spending by government, and private and public bodies according to researches.
Turkey aims to become one of the world’s top ten economies in health services by 2023 by increasing R&D expenditures to 3% of GDP and by increasing exports to USD 500 billion. Turkey’s “Health Care Transformation Program” that was implemented in 2004 marked a major development in public access to health services and treatments. Physician consultation per capita increased five times from 1.7% in 1994 to 7.7% in recent year. The average life span in Turkey also increased 24% in the last 30 years and has now reached 74 years. This in mind, Turkey might implement the necessary structural changes and effectively promote innovation in the health care system to make the pharmaceutical industry the driving force to achieve its economic objectives. According to the World Economic Forum’s Global Competition Index (2011-2012), Turkey is ranked 59 out of 142 countries, and ranked 71 in the Innovation Capacity Index. While the Turkish pharmaceutical sector is ranked 16th in terms of market value, it is 36th in terms of the clinical research conducted and the volume of pharmaceutical exported.
At Esmeray Law Office, we can help medical and healthcare professionals with a wide range of services tailored specifically to their needs.
We can assist on the following matters;
1- Matters related to clinical trials
2- Matters related to co-marketing
3- Matters related to manufacturing, supply and services
4- Matters related to licensing and partnering
5- Matters related to product liability
6- Matters related to public procurement
8- Matters related to research and development