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