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Legal Alerts

25/01/2019

TITCK Announces FX Payment Ban for Value Transfers

Legal Alerts
Healthcare
General

Recent Development

The Turkish Medicines and Medical Devices Agency (“TİTCK”) announced on January 8, 2019, that the agreements executed by marketing authorization holders with healthcare institutions and healthcare professionals for scientific events and value transfers cannot be concluded in any foreign currency or in a manner indexed to foreign currency, in accordance with the legislation regarding the protection of the value of the Turkish currency.

What Does the Announcement Say?

According to the TİTCK’s announcement, all value transfers including sponsoring healthcare professionals for participating in scientific meetings and value transfer agreements executed with healthcare professionals and healthcare institutions within the scope of the Regulation on Promotional Activities of Human Medicinal Products (the “Regulation“) must denominate the payment obligations in Turkish lira.

Conclusion

The pharmaceutical companies need to revise their agreements governed under the Regulation that denominate payment obligations in a foreign currency.