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Turkey Economy

Turkey's dynamic economy is a complex mix of modern industry and commerce, along with a traditional agriculture sector that still accounts for more than 35 per cent of employment. It has a strong and rapidly growing private sector, yet t

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

he state still plays a major role in basic industry, banking, transport and communication. The largest industrial sector is textiles and clothing, which accounts for one third of industrial employment. It faces stiff competition in international markets

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

with the end of the global quota system. However, other sectors, notably the automotive and electronics industries, are of rising importance in Turkey's export mix.

For many years real GNP growth has exceeded 6 per cent. The economy is turning around

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

with the implementation of economic reforms, and 2004 GDP growth reached 9 per cent, followed by roughly 5 per cent annual growth in 2005-06. Inflation fell to 7.7 per cent in 2005, a 30-year low. The country showed strong economic gains in 2002-06, whi

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

h were largely due to renewed investor interest in emerging markets. Before 2005 FDI in turkey was less than a $1 billion (?515.39 million) annually, but further economic and judicial reforms and prospective EU membership are expected to help boost FDI.

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

Privatisation sales are currently approaching $21 billion (?10.8 billion). Oil has been flowing through the Baku-Tblisi-Ceyhan pipeline since May 2006, marking a major milestone that will bring up to 1 billion barrels per day from the Caspian to marke

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

t. Without a doubt, the commitment of the government to economic reform, supported by prudent macroeconomic and structural policies, has played a significant role in strengthening investor confidence in the Turkish economy.

Foreign Direct Investment (F

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

I)

FDI in Turkey is rapidly increasing as a result of the Turkish government working consistently hard to make investment both easier and more attractive. As a result of the government'sefforts, between January and October in 2006 alone almost $16 bill

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

ion (?8.2 billion) was committed to Turkey in the form of FDI.

Money is flowing into everything from banking tomanufacturing and one particular sector where FDI has reached record levels is the real estate sector. A number of significant, international

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

property companies such as Emaar Properties and ETA Star have committed millions to housing and commercial property projects in Turkey, and, going in to 2007, bidding is taking place for a range of new projects such as the biggest real estate project t

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

date in Istanbul for the construction of three skyscrapers and a yachtmarina. Donald Trump is said to be in the bidding war for the development that will beconstructed in Zeytinburnu.

But Istanbul isn't the only area to be boosted by FDI; there is a g

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

reat deal of investor focus beginning to target the southern Turkish coastline, which has a hugely successful tourism industry already, and all of this investment confidence and contribution is allowing for the creation of jobs, which means that local p

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

urchasing power is significantly improving.

Tourism

Steady growth - Turkish tourism can be characterised by these two words. The year 2005 was a turning point for tourism in Turkey. In 2004, there was a 29 per cent growth in the number of arrivals. In

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

2005, the foreign visitor arrival growth rate was 25 per cent. This indicates that Turkish tourism has sustainable growth and stability. Tourist receipts for 2005 came to $11.9 billion (?6.1 billion) compared to $10.6 billion (?5.4 billion) in 2004. In

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

2005, the biggest change occurred in the number of tourists coming from non-European countries. The USA, Iran, Denmark and Syria were the countries which showed the highest growth rate in the number of arrivals.

EU talks boost holidays in turkey.

More

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

and more people are taking holidays now because of their increased purchasing power. With every step towards Turkey's EU membership, more people in Europe are considering the Turkish coast as an exotic option that is also close to their homeland. EU me

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

mbership talks and the booming Turkish economy have made Turkey a favourable nvestment haven. Reduced inflation and interest rates have stabilised the economy since 2003.

If Turkey can get the FDI it needs and attain full EU membership, it will become

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

ne of the most important and influential countries in the world as it will, strategically and politically, represent a bridge between the Middle East and Europe. The future prospects for Turkey and its economy are, therefore, very positive indeed over t

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

he medium to long- term, making the country an exciting investment opportunity for property buyers seeking significant returns over the same term period.

As the Turkish economy continues to expand and the standard of living improves further, the forthc

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

oming membership of the European Union will further lift what is already a buoyant economy. the inventory of property bought and sold in turkey continues to grow because of ongoing government reforms and partnerships with business and overseas investors

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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