Greek pharmaceutical and cosmetics companies are trying to expand further in Turkey, in an effort to exploit the country’s growth potential that is quite significant.
According to data from the Greek embassy in Ankara, from 2007 to 2012 the pharmaceutical insurance expenses increased from 8.9 to 13.8 million Turkish pounds. Health expenditures in Turkey are currently representing 5.4% of its GDP, while the corresponding average of the OECD countries is 9.5% (2010).
Meanwhile, the cosmetics market of Turkey has shown an upward trend in the last years. The growth of this market accounts for about 10% annually and its size is estimated at 2.8 billion dollars, while the total invested capital amounted to 200 billion dollars.
According to market representatives, Turkey is already part of Greece’s major export destinations and thus the ground for further expansion has already been set. The pharmaceutical industry has been part of the 15 most important Greek exports to Turkey for a few years now. But there is still room for more export activity.
Moreover, the observed increase in expenditure in pharmaceutical and hygiene products, which followed the rise of household spending on health, will result in the increase of Turkey’s imports, in order to meet the needs of the population.
Finally, Greece has shown a remarkable increase in the production of natural-organic products. After witnessing the Turkish population’s shift to natural-organic products in recent years, it is estimated that the Turkish market is open to increase related exports.
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