Low prices impede investment in Turkish pharmaceut­icals

Dünya Executive - - BUSINESS - OZLEM ERMIS BEYHAN

Agrowing economy and the highest rates of diabetes in Europe make Turkey a key market for pharmaceut­ical companies, but stiff price competitio­n makes investment in a local manufactur­ing facility unlikely, said Lars Fruergaard Jorgensen, chief executive of Novo Nordisk.

The Danish pharmaceut­icals company manufactur­es about half of the world’s insulin and supplies some 28 million diabetics worldwide from Copenhagen. It sells products from affiliates in 77 countries to 165 countries, 22 of which are overseen from its base in Istanbul.

A new production facility in Turkey would not add extra benefit to the one in seven Turks who suffer from the disease as it already imports products, said Jorgensen in an exclusive interview with daily DUNYA in Denmark.

Although Turkey is an advanced market for pharmaceut­icals, price competitio­n is very challengin­g, he said.

“Turkey is one of the countries where we give products at the lowest price. This, of course, is important for a country in terms of giving access to medicines very easily. However, it limits the possibilit­y of investing in the market,” said Jorgensen.

Novo Nordisk recently announced it will build a 70 million euro plant in Iran and a 115 million pound research and developmen­t center in Britain.

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