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The establishment of technology development zones that exempt pharmaceutical entrepreneurs and academics from income taxes until 2023 has played a particularly crucial role in driving R&D activity in the nation's life sciences industry.
New analysis from Frost & Sullivan, 2014 Life Sciences Outlook in Turkey, finds that the market earned revenues of $14.53 billion in 2013.
The study covers pharmaceuticals and clinical diagnostics.
The pharmaceutical segment was valued at $14.04 billion in 2013 and is estimated to reach approximately $21.65 billion in 2018 at a compound annual growth rate (CAGR) of 9.1 percent.
The clinical diagnostics segment accounted for the rest of the total life sciences market revenues in 2013 and is forecasted to hit $0.70 billion in 2018 at a CAGR of 7.4 percent.