Speaking to reporters at the Bio Convention, which brought together 16,000 firms from 65 different nations, Health Minister Müezzinoğlu stated that a U.S. firm has announced plans to invest in Turkey.
The 20th International Biotechnology Congress and Fair kicked off in Chicago on Monday. Known as the biggest pharmaceutical fair in the world, Bio Convention 2013 has brought together over 16,000 firms from 65 different nations. Participating for the second time in the fair, Turkey was represented by 14 firms and five public institutions and two civil society organizations.

TREATMENT FOR HALF THE PRICE OF THE EU

Speaking at the fair, Minister of Health Mehmet Müezzinoğlu announced that a major U.S. firm has decided to invest in Turkey. Emphasizing that if Turkey's health tourism industry grows they will be able to eradicate the budget deficit in pharmaceuticals, Müezzinoğlu stated, "Health tourism is the most strategic area to allow us to close the budget deficit."

Mentioning that treatment in Turkey is half the price of its equivalent in Europe, Müezzinoğlu emphasized that Turkey's potential in the health tourism is high. Also commenting on the support offered to pharmaceutical firms that invest in Turkey, Müezzinoğlu stated, "We want an accumulation of science and technology to come here permanently. We have the right to offer a guarantee of purchase to these firms for up to seven years. Therefore, we are aiming to make production and permanence appealing."

ACCESS TO ONE BILLION PEOPLE

Minister Müezzinoğlu also points out that biotechnology has been included as one of the strategic areas of investment dictated by the Health Strategy Document. "Turkey will be a strategic location for investments and should be evaluated as a powerful, regional and stable actor that is able to address a population of nearly a billion in the nation's neighboring geography. In a three-hour distance Turkey can respond to the needs of a mass of 500 million, in an approximately five-hour distance it can address one billion people."

THE DAVOS OF BIOTECHNOLOGY

Biotechology, which includes a wide array of sectors spanning from pharmaceuticals and agriculture to energy, is known for having the largest share in Research and Development. When it comes to biotechnology activities in pharmaceuticals, medical appliances and agriculture, Turkey is slated as a possible contender to be a base. Turkey has 91 biotechnology and pharmaceutical firms, 18 of which are involved in biotechnology and research and development efforts.