The TİTCK Published A New Announcement On Value Transfers

EA
Esin Attorney Partnership
Contributor
Esin Attorney Partnership, a member firm of Baker & McKenzie International, has long been a leading provider of legal services in the Turkish market. We have a total of nearly 140 staff, including over 90 lawyers, serving some of the largest Turkish and multinational corporations. Our clients benefit from on-the-ground assistance that reflects a deep understanding of the country's legal, regulatory and commercial practices, while also having access to the full-service, international and foreign law advice of the world's leading global law firm. We help our clients capture and optimize opportunities in Turkey's dynamic market, including the key growth areas of mergers and acquisitions, infrastructure development, private equity and real estate. In addition, we are one of the few firms that can offer services in areas such as compliance, tax, employment, and competition law — vital for companies doing business in Turkey.
On 7 May 2021, the Turkish Medicine and Medical Devices Authority ("TİTCK") published a new announcement on the value transfers concerning donations to health institutions/organizations...
Turkey Food, Drugs, Healthcare, Life Sciences
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Recent Development

On 7 May 2021, the Turkish Medicine and Medical Devices Authority ("TİTCK") published a new announcement on the value transfers concerning donations to health institutions/organizations and scientific meetings and product promotion meetings that were postponed or canceled due to COVID-19 restrictions. The announcement is available  here  (in Turkish).

What's New?

According to the Regulation on Promotion of Pharmaceuticals, license/authorization holders must notify the TİTCK of value transfers at a monetary value higher than 10% of the gross minimum wage to organizations/persons operating in the health sector. In this respect, the TİTCK provided explanations on the value transfers concerning fully/partially sponsored scientific meetings and product promotion meetings that were canceled or postponed due to COVID-19 measures, as well as donations to health organizations/institutions.

According to the TİTCK's announcement, value transfer notifications must be made to the TİTCK as described below:

  • The payments made to the healthcare professionals (e.g., registration, accommodation, transportation, etc.) for preapproved scientific meetings and product promotion meetings that were postponed to a further date or canceled must be notified as a value transfer to a healthcare professional; and all other types of payments within this category must be notified as a value transfer to a health institution.
  • The donations made to provincial health directorates must be notified as a value transfer made to a provincial health directorate; and the donations made to a third-party health organization (e.g., public, private or university hospitals, laboratories, pharmacies, etc.), as directed by the directorate, must be notified as a value transfer made to a health institution.
  • The donations made to a health institution through the associations/unions of which the license/authorization owner is a member must be notified as a value transfer made to an association/union. The relevant association/union must submit a list of institutions that accepted the donation until 31 December 2020 to the TİTCK by using the templates provided within the annexes of the TİTCK's announcement. The deadline for the submission is 31 December 2021.

Conclusion

The TİTCK continues to provide guidance for license/authorization owners concerning significant procedures. License/authorization owners should carefully review the TITCK's announcements and take the necessary actions to ensure compliance with the value transfer obligations.

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.

The TİTCK Published A New Announcement On Value Transfers

Turkey Food, Drugs, Healthcare, Life Sciences
Contributor
Esin Attorney Partnership, a member firm of Baker & McKenzie International, has long been a leading provider of legal services in the Turkish market. We have a total of nearly 140 staff, including over 90 lawyers, serving some of the largest Turkish and multinational corporations. Our clients benefit from on-the-ground assistance that reflects a deep understanding of the country's legal, regulatory and commercial practices, while also having access to the full-service, international and foreign law advice of the world's leading global law firm. We help our clients capture and optimize opportunities in Turkey's dynamic market, including the key growth areas of mergers and acquisitions, infrastructure development, private equity and real estate. In addition, we are one of the few firms that can offer services in areas such as compliance, tax, employment, and competition law — vital for companies doing business in Turkey.
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