With the sentencing of a second man from Turkey, federal authorities have essentially brought to a close a case stemming from the appearance in the U.S. of counterfeit and unapproved cancer drugs. The drugs were sold to wholesalers and physician practices throughout the U.S., in some cases making patients ill.
Turkey is a fast-growing market expected to be worth about $22.8 billion by the end of 2015. Domestic drugmakers, along with Big Pharma, are expanding manufacturing there to keep up with demand.
Continuing its years-long effort to expand in emerging markets, Covidien has cut the ribbon on training center in Turkey, planning to educate local clinicians and amp up the demand for its products in the country.
Medtronic is looking to bypass some middlemen in its Turkish operation, buying a controlling stake in one of its distributors and launching a joint venture as it works to expand its share of the growing medical device market.
The emerging-markets deals just keep popping up. Now, it's a Turkish drugmaker on the block, in a buyout that could be worth $1 billion.
U.K. CRO ClinTec International has its sites set on Turkey, planning to open an office in Istanbul to tap the growing demand for clinical research in the Middle East.
Turkish officials are psyched up for a big leap in its pharmaceutical business. According to a Pricewaterhouse Coopers report commissioned by the Turkish pharma industry, drug sales are poised to grow to $23.3 billion by 2023, up from $5 billion last year--provided the government makes some key moves.
Turkey's pharma market isn't as high-profile as the oft-celebrated China or India. But that doesn't mean foreign drugmakers aren't looking for ways to beef up their operations in the country.
Given the measly growth projections for U.S. and Europe, it's no surprise that expansion-minded drugmakers are looking eastward.
Need more proof that Turkey is pharma's latest promised land? Three Big Pharmas are said to be circling the Turkish drugmaker MN Pharmaceuticals. GlaxoSmithKline ($GSK), Eli Lilly ($LLY) and Pfizer (