August 2024 Analysis of Türkiye’s Pharmaceutical Foreign Trade
By Melike Belenli Gümüş
October 17, 2024
The report titled August 2024 Pharmaceutical Industry Foreign Trade Analysis (Ağustos 2024 İlaç Endüstrisi Dış Ticaret Analizi), published by Pharmaceutical Industry Employers’ Association of Türkiye, provides a detailed analysis of Türkiye’s foreign trade, focusing particularly on the pharmaceutical industry. This “August 2024 Pharmaceutical Industry Foreign Trade Analysis” offers key insights into the performance and dynamics of Türkiyes’s pharmaceutical foreign trade within the context of its overall trade landscape.
General Foreign Trade
Over a 12-month period, Türkiye’s total exports increased by 3.5% compared to the previous period, reaching $261.8 billion.
Pharmaceutical Industry Trade
The report specifically highlights the performance of the pharmaceutical industry in foreign trade. Here are a few key metrics:
Import and Export Dynamics: The report likely includes an analysis of both import and export trends within the pharmaceutical sector, providing insights into the industry’s trade balance and key markets.
Export Performance: The pharmaceutical industry’s export figures are analysed in detail. In the first eight months of 2024, Türkiye’s pharmaceutical exports rose by 4.3% to 1.4907 billion USD, while imports increased by 4.9% to 3.9891 billion USD, resulting in a trade deficit of 2.4984 billion USD and a coverage ratio of 37.4%. Over 12 months, pharmaceutical exports grew by 4.4% to 2.29 billion USD, and imports rose by 5.8% to 5.9 billion USD, leading to a 3.6 billion USD trade deficit and a 38.6% coverage ratio.
Figure 1. Monthly Pharmaceutical Export and Import Values (million USD). Green bars indicate export, blue bars indicate import and dashed line indicates the coverage ratio of export-to-import.
Market and Product Analysis
The report includes an analysis of the main markets for Turkish pharmaceutical exports and imports, as well as the types of pharmaceutical products that are most traded. As of August 2024, South Korea, Hungary, and Iraq are the top three destinations for pharmaceutical exports from Türkiye, with Asia accounting for 45.3% of the export market. During the same period, 63.2% of pharmaceutical imports to Türkiye came from Europe, with the United States, Germany, and Ireland being the top three import sources.
Figure 2. Distribution of Exports by Countries (%).
Figure 3. Distribution of Imports by Countries (%).
Economic and Policy Context
The analysis might be set against the broader economic and policy context, including any government initiatives or global economic conditions that affect the pharmaceutical industry’s trade activities. A more detailed report discussing changes in market trends, regulatory impacts, and other factors influencing the pharmaceutical industry’s foreign trade would be beneficial for fully understanding the current situation of the pharmaceutical industry in Türkiye.
To fully grasp the insights presented within this “August 2024 Pharmaceutical Industry Foreign Trade Analysis,” it would be necessary to read the complete report, as the summary provided does not include all the specific details and data points covered in the analysis.
🚀 Is Europe poised to reclaim its leadership in life sciences by 2030?
The European Commission has unveiled a game-changing strategy aimed at transforming the EU into the world’s leading hub for life sciences, tackling critical challenges in health, biotechnology, and sustainability. With strategic investments and reforms, this initiative promises to bridge the innovation gap and enhance public health outcomes across the continent.
Curious about how these plans will impact the life sciences landscape? Explore the full insights of this exciting strategy!
🔍 Are we truly getting the full story on high-cost medications like ticagrelor?
A recent BMJ investigation has raised alarm bells over the integrity of data from pivotal studies on AstraZeneca’s ticagrelor, revealing significant misreporting and missing data that may undermine its clinical benefits. This exposes critical implications for health economics, regulatory oversight, and market access.
Curious about how these findings could reshape perceptions of drug efficacy and safety? Dive into the full article to uncover the truth behind the numbers.
🌍 Are we overlooking the power of self-care in Europe’s public health strategy?
The rise of self-care public health is reshaping how minor ailments are managed across the continent, leading to remarkable economic and productivity benefits. With annual savings of €36 billion and lifestyle improvements for consumers, self-care is proving to be a game-changer for healthcare systems.
Explore how embracing self-care can alleviate pressure on healthcare providers and enhance individual well-being. Dive into the full article to discover the implications for health economics and public policy!
#SyenzaNews #HealthEconomics #HealthcarePolicy
When you partner with Syenza, it’s like a Nuclear Fusion.
Our expertise are combined with yours, and we contribute clinical expertise and advanced degrees in
health policy, health economics, systems analysis, public finance, business, and project management.
You’ll also feel our high-impact global and local perspectives with cultural intelligence.