World Bank’s IFC invests in pharma firm to improve access to high-quality medicine in Turkey
ISTANBULThe International Finance Corporation (IFC), a member of the World Bank Group, has said it is providing a $25 million loan to Nobel İlaç, a leading pharmaceutical company in Turkey and the country’s only net exporter in the sector, to help meet the growing demand for innovative, affordable, and high-quality medicine in Turkey.
IFC’s loan will support Nobel İlaç’s research and development efforts and help the company ramp up production, according to a statement released by IFC on Aug. 21.
Turkey is largely dominated by branded generic products.
IFC’s support will also allow Nobel İlaç to expand its product portfolio to include specialized generic medicine, and this will enable millions of the company’s customers in Eastern and Central Europe to obtain affordable and high-quality medicine, read the statement.
“Biotechnological drugs provide opportunities for sustainable health care systems. In our country, it is urgent to shift to production of biotechnological drugs in parallel with the developments in the world. Nobel İlaç considers biotechnology as a strategic priority and with the support of IFC’s investment we aim to develop at least one domestic biotechnological drug by 2023,” Nobel İlaç Chair Hasan Ulusoy said.
“Our investment in Nobel İlaç is in line with our strategy in Turkey to support the export-oriented growth and international expansion of Turkish companies. Nobel will introduce locally produced, high-value-added medicines to local and international markets and, at the same time, help to close the pharmaceutical trade deficit in Turkey,” Dimitris Tsitsiragos, IFC Vice President of New Business, said.
IFC’s support is part of a $48 million investment plan developed by Nobel İlaç, according to the statement. The program will also be financed by İş Leasing and the company’s own funds.
The Scientific and Technological Research Council of Turkey (TÜBİTAK) is also supporting the investment program with grants and technical assistance, read the statement.
Turkey is currently the second-largest country in IFC’s global portfolio with $5 billion in commitments.