Report Description of the Turkey Dermatology Treatment Drugs Market Analysis
Research Scope and Assumption
- The report provides the market value for the base year 2020 and a yearly forecast up to 2028 in terms of revenue (USD billion)
- The key industry dynamics, regulatory scenario, reimbursement scenario, major market trends, and drug markets are evaluated to understand their impacts on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis
- We have used the combination of top-down and bottom-up approach for market sizing, analyzing key regional markets, dynamics, and trends for various solutions, services, and end uses
- All market estimates and forecasts have been validated through primary interviews with the Key Industry Players (KIPs) and secondary analysis
- Inflation has not been accounted for in order to estimate and forecast the market
- Numbers may not add up due to rounding off
Reason to buy the report:
- Facilitate decision-making based on strong current and forecast data for Turkey Dermatology Treatment Drugs Market Analysis
- Develop strategies based on the latest regulatory framework
- Strategically analyze micro-markets with respect to individual growth trends, future prospects, and their contribution to the market
- Analyze competitive developments such as expansions, investments, mergers & acquisitions, new product developments, and research & developments in the Turkey Dermatology Treatment Drugs Market Analysis
- Analyze the opportunities in the market for stakeholders and draw a competitive landscape for market leaders
- To strategically profile key players and comprehensively analyze their market shares and core competencies
- We have technically sound team which do a deep dive research and also provide strategy based consulting analysis
Turkey Dermatology Treatment Drugs Market Analysis Executive Summary
Dermatology is defined as a therapy area which deals with diseases of the skin, hair, and nails, where the most common conditions are psoriasis, eczema, and acne vulgaris. Dermatology drugs are used in the management and treatment of diseases related to skin, nail, hair, and genital membranes.
Market Size and Key Findings
The Turkey Dermatology Treatment Drugs Market Analysis size stood at around USD xx% billion in 2020 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.
Market Growth Drivers Analysis
Rising expenditure on personal care is the vital factor escalating the market growth, also rising awareness towards skin disease, rising number of patients suffering from acne, vitiligo, and dermatitis, rising demand for effective products to cure skin infections and disorders coupled with high awareness among the young population, rising demand for effective dermatological treatments and the increase in number of companies investing in the market are major factors among others driving the dermatology drugs market. Moreover, rising technological advancements and modernization in the healthcare machinery, rising research and development activities in the healthcare sector and rising emerging markets will further create new opportunities for dermatology drugs market in the forecasted period of 2021-2028.
Serious side effects of certain classes of therapeutic drugs are expected to restrain the market growth in the near future. Moreover, Stringent Regulations for Dermatology Drugs and High Cost of Dermatology Drugs are assumed to be restraining the Turkey Dermatology Drugs Market.
Covid-19 Market Impact Analysis
The COVID-19 pandemic has had a significant impact on the healthcare system. It has reduced the growth rate of the market due to the rapid shift in focus toward COVID-19 treatment. As a result, the majority of the hospitals have delayed vaccinations pertaining to dermatology, chemotherapy sessions, and other non-essential services.
The major players covered in the report are Novartis AG, Pfizer Inc., Eli Lilly and Company., Johnson & Johnson Services, Inc., Almirall, S.A, Mylan N.V., Sun Pharmaceutical Industries Ltd., UCB S.A., Belgium, Glenmark Pharmaceuticals Limited, Tolmar Pharmaceuticals, Inc., GlaxoSmithKline plc., Galderma Laboratories, L.P., Teva Pharmaceutical Industries Ltd., LEO Pharma A/S, MELINTA THERAPEUTICS, INC. – THE ANTIBIOTICS COMPANY, Mayne Pharma Group Limited, BIOFRONTERA AG, AbbVie Inc. among others.
Products in Pipeline
- The first market access agreement has been signed for the products used in the treatment of Hepatitis C. The products have received reimbursement approval since June 18, 2016.
- Biofrontera AG has got approval from the European Medicines Agency (EMA). This fivefold increase in the production of Ameluz benefits Biofrontera AG to meet the growing demand for Ameluz in all the regions.
Notable Recent Deals
- In February 2019, Mayne Pharma Group Limited announced that they have launched the drug LEXETTE (halobetasol propionate) foam 0.05% in the United States.
- In January 2020, Bayer and Azitra Inc. announced a joint development agreement to leverage Azitra’s proprietary panel of Staphylococcus epidermidis strains to identify potential candidates for the treatment of adverse skin conditions and diseases.
Healthcare Policies and Regulatory Landscape
Policy changes and Reimbursement scenario
Reimbursement agencies are increasingly adopting innovative reimbursement approaches for new and expensive technologies. Social Security Institution (SSI), Turkey`s reimbursement agency, established the Alternative Reimbursement Commission (ARC) on February 10, 2016.
In Turkey, depending on the drug licensing and pricing activity, monitoring and management of the Ministry of Health Turkey Pharmaceuticals and Medical Devices Agency (TPMDA) is implemented through the licensing application by pharmaceutical manufacturers. The “Human Medicinal Products Licensing Regulation” is implemented by TPMDA. The drug reimbursement is made by the Social Security Institution (SSI), which is affiliated to the Ministry of Family, Labor, and Social Services. The most important criteria for reimbursement are clinical effectiveness, safety, quality, cost-effectiveness, and affordability. With its reimbursement policies, SSI provides medicines to people under its system and takes measures to ensure that pharmaceutical expenditures do not exceed their budgets. As a result, in 2009 in Turkey, government requested cost-effectiveness and budget impact analysis from the innovative pharmaceutical products. This has required pharmaceutical companies to scientifically prove to the public that their products are cost-effective.
The first market access agreement has been signed for the products used in the treatment of Hepatitis C. The products have received reimbursement approval since June 18, 2016. The public discount rates have not been published for these products, and confidential discounting has been initiated. It was the first time the public discount rates kept confidential in Turkey.
The most involved pharmaceutical companies in the alternative reimbursement process were Roche, with five drugs, and Abbvie, Biomarin, Gilead, and Takeda with three drugs each. In countries where the prices of the drugs included in the List of Reimbursed Medicines for 4A and the alternative reimbursement process are taken as a reference, Switzerland is followed by Greece.