Abstract: A new provision has been introduced to the Decision on Pricing of Human Medicinal Products which determines the new Euro Fx rate for drug prices in 2019.
The Euro exchange rate used for approval of medicine prices in Turkey is determined as per the Decision on Pricing of Human Medicinal Products ("Decision"). The Euro exchange rate was determined as 70% of the average Euro value of the previous year by the new Decision which was published in the Official Gazette numbered 29989 dated 24 February 2017. Accordingly, the Price Evaluation Commission would gather within the first 45 days of every year and announce the 1 (one) Euro value based on calculation of 70% of the average value of the previous year.
As of January 2019, the pharmaceutical sector and all stakeholders have been impatiently waiting for announcement of the Euro exchange rate to be determined for the year 2019. Considering that the average Euro value for the year 2018 was around TRY 5.65, the rate applicable to the year 2019 should have been announced a value close to TRY 4 as per the Decision.
However, an amendment was published in the Official Gazette on 14 February 2019 and the rate of "70%" given in the Decision was changed to "60%". Hence, the new exchange rate was announced as TRY 3.40 with an increase of 26.4% compared to the last year and will be in force as of 19 February 2019.
Source: Amendment made on the Decision on Pricing of Human Medicinal Products (Turkish language).
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.