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Why Invest in Turkish Medical Technologies Industry?

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Why Invest in Turkish Medical Technologies Industry? WHY INVEST IN TURKISH MEDICAL TECHNOLOGIES INDUSTRY? 1 invest.gov.tr AGENDA 1 Executive Summary 4 Opportunities in Turkish MedTech Industry Turkish MedTech 2 5 Industry Outlook Site Assessment 3 Growth Drivers in Turkey 2 investinvest.gov.tr.gov.tr EXECUTIVE SUMMARY TURKEY IS BECOMING A HUB FOR MEDICAL TECHNOLOGIES BY OFFERING OPPORTUNITIES IN MANY AREAS... • Strong macroeconomic growth with increasing income per capita and a bourgeoning middle class FAVORABLE • Favorable demographics with a dynamic, young and skilled talent pool supporting the industry INVESTMENT • Increasing life expectancy and spending in healthcare ENVIRONMENT • Strong government support through manufacturing and R&D incentives • With Healthcare Transformation Program and Universal Healthcare Insurance launched in 2003, Turkish government assures free healthcare coverage to 95% of the population ROBUST GROWTH • Turkish medical devices market has seen a robust growth over the past IN THE SECTOR decade – ranks 3rd in CEE with $2 Billion in value • Export opportunities due to Turkey’s proximity to regional markets • Turkey’s localization program in action to reduce import dependency and increase local production • Heavy investments in healthcare infrastructure and services LUCRATIVE OPPORTUNITIES IN SUB-SECTORS • Strong government support for biotechnology • Ideal location for medical tourism and a favorable regulatory environment aligned with international standards STRONG INTERNATIONAL • Global medical technology companies have been present in Turkey with significant manufacturing and management activities, using Turkey as a hub to access PRESENCE regional markets • Successful partnerships with local companies to grow in the region, capitalizing on locals’ experience and networks 3 invest.gov.tr AGENDA 1 Executive Summary 4 Opportunities in Turkish MedTech Industry Turkish MedTech 2 5 Industry Outlook Site Assessment 3 Growth Drivers in Turkey 4 investinvest.gov.tr.gov.tr TURKISH MEDICAL DEVICES MARKET TURKEY STANDS OUT AS AN ATTRACTIVE MEDICAL DEVICE MARKET BEING THE 2ND AND 3RD LARGEST IN MENA AND CEE RESPECTIVELY BEING THE 3RD LARGEST …AND 2ND IN SIZE IN MARKET IN CENTRAL & COMPETITION WITH EASTERN EUROPE… MENA COUNTRIES Turkish medical devices market is worth ~USD 2 billion in 2019 TURKEY IS AN ATTRACTIVE DESTINATION FOR MEDICAL TECHNOLOGY COMPANIES Source: TurkStat, ITC, Fitch Solutions 5 invest.gov.tr TURKISH MEDICAL DEVICES MARKET TURKISH MEDICAL DEVICES MARKET HAS GROWN 3.7 TIMES SINCE 2010 TO REACH 11.2 BILLION TRY CAGR Medical Devices Sales in Turkey 14% USD Billion TRY Billion 11,2 2010-2019 10,1 THE MARKET PROTECTED 8,3 ITS LINE IN USD DESPITE THE DROP IN LCU 7,0 IN THE LAST YEARS 6,3 5,7 4,6 4,0 4,1 3,0 2,6 2,4 2,4 2,3 2,3 2,3 2,0 2,3 2,1 2,0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Source: TurkStat, ITC, Fitch Solutions 6 invest.gov.tr TURKISH MEDICAL DEVICES MARKET CONSUMABLES & DENTAL PRODUCTS ARE HIGH-GROWTH PRODUCT AREAS IN THE LAST YEARS CAGR CAGR CAGR CAGR CAGR CAGR 14% 18% 8% 11% 18% 14% 3.000 Patient aids Dental Products Orthopaedics & Diagnostic Consumables Other MDs Prosthetics Imaging 2.500 Medical Devices Sales by Product Area 2.000 in TRY Billion 1.500 1.000 500 0 2013 2014 2015 2016 2017 2018 2019 Patient aids Dental products Orthopaedics & prosthetics Diagnostic imaging Consumables Other medical devices Source: TurkStat, ITC, Fitch Solutions 7 invest.gov.tr PROXIMITY TO KEY MARKETS TURKEY IS WELL CONNECTED WITH THE REGION THROUGH CUSTOMS UNION WITH THE EU AND FREE TRADE AGREEMENTS WITH 28 COUNTRIES TURKEY HAS GEOGRAPHICAL > $130BN PROXIMITY TO SOME MARKET OF THE LARGEST SIZE MARKETS IN MEDICAL TECHNOLOGIES AND IS CONVENIENTLY POSITIONED AS A MANAGING AND MANUFACTURING HUB Source: UN Comtrade HS Code 30, Turkey has signed Free Trade Agreements (FTA) with Albania, Bosnia-Herzegovina, Chile, Egypt, Faroe Islands*, Georgia, Ghana*, Iceland, Israel, Jordan, Kosovo*, Lebanon*, Macedonia, Malaysia, Mauritius, Montenegro, Moldova*, Morocco, Norway, Palestine, Serbia, Singapore*, South Korea, Switzerland and Lichtenstein, Syria, Tunisia. (*to be ratified). 8 invest.gov.tr FOREIGN TRADE: EXPORTS TURKEY’S MEDICAL DEVICES EXPORTS ALMOST TRIPLED IN USD TERMS SINCE 2009 – WITH 13% CAGR AFTER 2004 MAJOR EXPORT DESTINATIONS TURKEY’S EXPORT MARKETS DIVERSIFIED – A THIRD OF China (1) THE EXPORTS IS TO THE EU $52.7 million MEMBER STATES Germany (2) $42.8 million EXPORTS 2.846 800 Iraq (3) TRY Million USD Million 700 $24.3 million 600 502 CAGR 500 Netherlands (4) 13% 381 400 $19.4 million 833 300 170 200 Azerbaijan (5) 103 263 100 $18.3 million 0 2004 2009 2014 2019 Source: TurkStat, ITC 9 invest.gov.tr FOREIGN TRADE: IMPORTS TURKEY IMPORTS USD 1.7 BILLION – 84% OF THE TOTAL MARKET – AND THE EU CONSTITUTES ~40 PERCENT OF TOTAL IMPORTS MAJOR IMPORT PARTNERS MORE THAN 80% OF THE The USA (1) MEDICAL PRODUCTS IN EVERY PRODUCT AREA ARE SOURCED $284 million THROUGH IMPORTS Germany (2) $237 million IMPORTS 9,5 China (3) TRY Billion USD Billion $221 million Malaysia (4) 4,9 $108 million 2,3 1,3 1,7 Ireland (5) 2,2 1,5 $72 million 0,9 2004 2009 2014 2019 Source: TurkStat, ITC 10 invest.gov.tr MAJOR PLAYERS TURKEY IS BECOMING A FUNDAMENTAL BUILDING BLOCK OF GLOBAL VALUE CHAINS IN MEDICAL TECHNOLOGIES MAJOR MEDTECH PLAYERS BENEFIT TURKEY’S STRATEGIC LOCATION TO MANUFACTURE, EXPORT, INNOVATE, AND MANAGE Please note that this list is by no means exhaustive and is only intended to illustrate some of the major players in the ecosystem. 11 invest.gov.tr AGENDA 1 Executive Summary 4 Opportunities in Turkish MedTech Industry Turkish MedTech 2 5 Industry Outlook Site Assessment 3 Growth Drivers in Turkey 12 investinvest.gov.tr.gov.tr ROBUST ECONOMY TRACK RECORD GROWTH AND BRIGHT FUTURE WITH PROVEN RESILIENCE WITH USD 754 BILLION GDP AVERAGE ANNUAL 5.3 4.0 4.0 2.8 2.2 13TH LARGEST ECONOMY GDP GROWTH (%), 2003-2019 IN THE WORLD TURKEY POLAND ROMANIA CZECHIA HUNGARY RANKING OF ECONOMIES REAL GDP GROWTH BY GDP AT PPP (INDEX: 2002=100) 2003 2019 1. 1. 2. 2. 260 3. 3. 240 4 4 .5. .5. 220 6. 6. 7. 7. 200 8. 8. 180 9. 9. 10. 10. 160 11. 11. 12. 12. 140 13. 13. 14. 14. 120 15. 15. 100 16. 16. 17. 17. 2017 2023 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2018 2019 2020 2021 2022 18. 18. 2002 Source: TurkStat, OECD, World Bank, IMF, PPP: Purchasing Power Parity 13 invest.gov.tr FAVORABLE DEMOGRAPHICS ...HALF OF POPULATION AT AGE 32 TURKEY EUROPE 90+ 90+ 80-84 Life 80-84 expectancy 70-74 70-74 at 78 years 60-64 60-64 G r o u p s ( % ) 50-54 50-54 40-44 40-44 Age Groups(%) A g e 30-34 30-34 20-24 20-24 10-14 10-14 0-4 0-4 5 3 1 1 3 5 5 3 1 1 3 5 Female Male Female Male Total Dependency Ratio (%, Age 0-14 & 64)/Age 15-64) Working Age Population (15-64) (Index: 2014=100) 75 120 70 Europe 65 Population 110 over 65 to Turkey 60 reach 13% 55 by 2030 100 50 Turkey Europe 45 90 2014 2017 2020 2023 2026 2029 2032 2035 2014 2017 2020 2023 2026 2029 2032 2035 1414 investinvest.gov.tr.gov.tr Source: Turkstat, Eurostat, UN SKILLED & COST-COMPETITIVE LABOR FORCE TURKEY’S EDUCATION SYSTEM UPGRADED TO SUPPORT A SKILLED LABOR POOL.. UNDERGRADUATE & GRADUATE NUMBER OF GRADS FROM LABOR FORCE BY ENROLLMENT IN RELATED FIELDS VOCATIONAL & TECHNICAL EDUCATION LEVEL (2019-2020) HIGH SCHOOLS Medical Diagnostics (in thousands) Electronics & ICTs Automation 2002 2019 455 TOTAL University University 445 10% 25% Thousand 682 211 High School High School and below and below 90% 75% Mechanical 2005 2019 Medicine Source: Ministry of National Education, Council of Higher Education, Turkstat 15 invest.gov.tr SKILLED & COST-COMPETITIVE LABOR FORCE AVAILABILITY OF COMPETENT SENIOR MANAGERS, 2020 (10=Available; 0=Unavailable) 6,92 6,15 6,41 5,72 6,02 5,35 5,13 5,02 4,88 4,45 4,18 3,91 AVAILABILITY OF 3,39 2,75 QUALIFIED ENGINEERS, 2020 (10=Available; 0=Unavailable) Turkey Poland Turkey Poland Czechia Bulgaria Slovakia Hungary Turkey Czechia Bulgaria Romania Hungary Slovakia Romania Turkey 47.2 REMUNERATION OF MANAGEMENT/ENGINEER 44.4 Total base salary plus bonuses and long-term incentives $K, 2018 39.6 160 31.1 121 113 LABOR COST 94 PER HOUR IN 69 14.9 14.3 62 MANUFACTURING 11.5 10.7 45 42 41 36 ($), 2018 7.0 5.6 5.6 23 UK UK USA USA Turkey France Poland Turkey France Poland Czechia Bulgaria Slovakia Hungary Czechia Bulgaria Slovakia Hungary Romania Turkey Turkey Germany Romania Germany Source: IMD World Competitiveness Yearbook Executive Opinion Survey based on an index from 0 to 10; Eurostat, OECD, BLS, Turkstat 16 invest.gov.tr INCENTIVES VARIOUS LUCRATIVE INCENTIVES ARE OFFERED FOR MEDICAL TECHNOLOGY INVESTMENTS AS THE INDUSTRY IS PRIORITIZED IN SUPPORT MEASURES MAIN INCENTIVE Main Incentive Incentives Project TOOLS General Regional R&D for Strategic Based Tools Incentives Incentives Incentives Investments Incentives Tax Deduction: Reduced tax rates for investor’s income (50-100 %) until the total deduction reaches a certain percentage of capex. (55-70% of capex, in the Corporate Tax Reduction case of project based incentives up to 200% of capex). For R&D investments, all R&D expenditures are deducted from tax base. VAT/Custom Duty Exemption VAT Exemption: Investment machinery and equipment imported and/or Social Security Premium locally provided within the scope of the incentive certificate will be VAT exempt. Support Income Tax Withholding Customs Duty Exemption: Investment machinery and equipment imported Support* within the scope of the incentive certificate will be customs duty exempt.
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