Health firms’ deal set to bring $89.5M to Turkey

Dünya Executive - - BUSINESS -

French phar­ma­ceu­ti­cal com­pany Sanofi Turkey and Turk­ish health firm Birgi Me­far’s partnershi­p will bring TRY 500 mil­lion ($89.5 mil­lion) added value to the coun­try, ac­cord­ing to a top of­fi­cial of the French firm. In Is­tan­bul last week, the firms signed an agree­ment for a new tech­nol­ogy trans­fer and lo­cal pro­duc­tion project.

Cem Oz­turk, Sanofi’s head in Turkey, stated that un­der the deal, an an­tibi­otic prod­uct which reached a turnover of TRY 22 mil­lion (nearly $4 mil­lion) in the Turk­ish mar­ket will be pro­duced lo­cally. Un­der the deal, Sanofi’s pro­duc­tion will bring an in­vest­ment of three mil­lion eu­ros ($3.34 mil­lion) from Rome to Turkey.

He said that this tech­nol­ogy will be trans­ferred to an­other coun­try for the first time, and the trans­fer pe­riod is ex­pected to be com­pleted by 2021. Oz­turk stated Sanofi helps re­duce Turkey’s for­eign trade deficit by cut­ting im­ports by over TRY 100 mil­lion ($17.98 mil­lion) and sup­port­ing the coun­try’s in­ter­na­tional trade with TRY 300 mil­lion ($53.9 mil­lion) in phar­ma­ceu­ti­cal ex­ports. Faik Somer, the CEO of Birgi Me­far, said: “We fully be­lieve that this tech­nol­ogy trans­fer in­vest­ment will serve our coun­try in many fields, from re­search and de­vel­op­ment to em­ploy­ment, from pro­duc­tion to ex­ports.”

Sanofi, founded in 2004, op­er­ates in more than 100 coun­tries around the world.

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