Turkish Government Steps In To Pay Off Longstanding Debt
Turkey's financially beleaguered university hospitals can finally breathe a sigh of relief after the Turkish government has agreed to step in to help pay off most – not all – of the billion-dollar debt owed to the medtech industry.
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Even though the Turkish government has settled some of the sizeable debt owed by hospitals to medical device and pharmaceutical suppliers, industry continues to be disgruntled over not being remunerated for the full amount owed and there continues to be wrangling over how the situation should be resolved.
While many medtech companies are looking at strategies to grow their sales this new year, those that are operating in Turkey look like their focus would be on simply getting paid for what is owed by the country's debt-ridden hospitals.
Growth prospects for Turkey’s medical technology market are significant, but local companies have complained about public policies that are harmful to business and about the ongoing crisis in the hospital system. Now, international medtechs are starting to react, with some downscaling local operations and portfolios. Association of Research Based Medical Technologies Manufacturers president Umut Gokalp laid out the problems being faced by industry, and what action he thinks the government should take.