R&D law may attract $1 bln in investments
Posted by meb at April 18th, 2008
Association of Research-based Pharmaceutical Firms (AİFD) Secretary-General Engin Güner has said that a law for the promotion of research and development passed earlier this year by Parliament may enable Turkey to attract $1 billion in investment if it is properly implemented.
The new law provides support for firms that make investments in research and development through tax incentives, land allocations and other financial instruments. The Health Ministry and the AİFD are now gearing up to convince pharmaceutical giants to invest in Turkey.
AİFD head Güner recently led a delegation to Boston to assess global pharmaceutical firms and promote investment opportunities in Turkey. During the trip Güner told members of the press that Turkey has the potential to attract $1 billion in investment from pharmaceutical firms’ research and development funds if the new law is applied properly. Güner also said the AİFD was preparing a report to show what should be done to make Turkey an attractive spot for medical research and bio-technology. He added that they would submit the report to the Health Ministry by June.
In 2007 pharmaceutical firms invested $70 billion in research and development across the world. But Turkey received only $30 million in medical research investments last year. Güner stressed that Turkey has much more potential than this. Foreign pharmaceutical firms expect Turkey to set up the necessary legal framework and provide technological infrastructure.
Merck Sharp & Dohme External Affairs Director Jeffrey Kemprecos, who is also a member of the AİFD, said the Health Ministry was trying to initiate vaccine production and that his company had been planning to establish a vaccine plant worth $200 million, but that due to uncertainties in Turkey they had switched the investment plan to Ireland.
source: Today’s Zaman
Related posts: