Under the leadership of BİYOSAD, the Biotechnology Valley Project, which is carried out under the Ministry of Industry and Trade, is being established in Tuzla district of Istanbul with an investment of 12 billion TL. Within the scope of the project, companies at all levels, from giant investors to start-ups, will operate in a wide variety of products.
The Biotechnology Valley Project, designed as a base for the production of biotechnological products, will be established in Tuzla, Istanbul with an investment of 12 billion lira. In the valley, companies at all levels, from large investors to start-ups, will operate in a wide variety of products. Turkey’s economy is one of the engines of the planned project, the Ministry of Industry, Technology Oriented expanding to take place in order to move the company Industry Program, MOMENTUM Financing can benefit from the many incentives like the package.
Valley will produce added valuable products in Turkey and are said to be provided to take share from the global biotechnology market, Turkey occurred in 2020, 36 billion 724 million dollars in the current account deficit is expected to play an active role in closing in the coming years. The Estimated Annual Compound Growth Rate (CAGR) of the global biotech market is expected to be 9.9 percent between 2019-2025 and 2025 to $ 775 billion. It is estimated that the industry market size will be 727 billion 1 million dollars until 2025.
Speaking about the production and development costs of biotechnological products, Dr. Hakan Koçak, on the other hand, said, “The Valley is important for start-up companies and companies in the field of biotechnology with its R&D infrastructure to provide support in the field of new product development and cost-effective investment in a region such as Istanbul with high access to logistics and trained workforce. contribution will be provided. The market share of biotechnological drugs in the world pharmaceutical market of 1.2 trillion dollars has reached 20 percent. In Turkey, market share of biotechnological drugs is similar rates, reached seven billion pounds in 2019 and of which about 90 percent is imported. Biotechnological products are expensive due to the high production and development costs. With the biotechnology climate formed in the biotechnology valley, sectoral development will be paved and the production of domestic biotechnological drugs will prevent the import of biotechnological drugs of approximately 6.4 billion lira, ”he said.
In 2021, in the technology trends section, the area highlighted by Webrazzi’s founder Arda Kutsal is biotechnology. Reminding, Gingko Bioworks, which it has invested in before, is among the initiatives with unicorn status. In fact, it is worth more than $ 4 billion.
He said, “Finally, I think biotechnology initiatives should definitely be followed in 2021. With the pandemic, as we’ve seen in the pharmaceutical companies’ efforts to develop vaccines, a company called BioNTech, which you may not have heard of before, has found the vaccine and is releasing it with Pfizer. Similar major successes are happening by biotech companies.
With the rise of the synthetic biology trend, I think that the companies working in this field will be very popular in 2021 due to their use in food, cosmetics and many other fields besides the health sector. Of course, I guess that such initiatives will be a pioneer in the development of Covid-19 rapid tests, as well as vaccine studies. For this reason, I can definitely show biotechnology and synthetic biology as another technological trend.”