Introduction
Turkey stands out as a target market for foreign companies that want to expand their global reach, due to its geographical location, growing population and economy. Foreign companies investing in Turkey often establish subsidiaries through corporate structures in which officers have dual responsibilities and control over the parent company and the subsidiary. In other cases, companies may choose to run their business organisations with the help of third-party…
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Introduction
The answer to the question of whether invoices can create legally binding contracts is generally no; an invoice does not constitute a contract by itself. However, the issue becomes tricky when the recipient has not objected to the content of an invoice or has recorded it in its accounting books. In that case, the legal presumptions that apply to the evidentiary status of invoices and accounting books can indicate that the invoice and the product or service…
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MARKET GROWTH FORECASTS
The forecasts draw an optimistic picture. The global pharmaceutical market is expected to grow at a 4-6% compound annual growth rate (CAGR) in developed markets and 7-9% CAGR in pharmerging markets by 2019. The market size for Turkey stood at $6.2 billion in 2014 and is expected to grow to $10.9 bn until 2019.
MARKET ACCESS
Article 15 of the Licensing Regulation issued by the Turkish Ministry of Health (MoH), in parallel with the European Directive…
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Introduction
On June 19 2015 the 15th Chamber of the Council of State stayed the execution of the Directive on the Working Principles and Rules of Procedure of the Reimbursement Commission (July 3 2014). However, the Social Security Institute had already repealed the directive approximately two months before the motion to stay its execution was granted and a new directive containing the repealed provisions in their entirety entered into force on April 30 2015.
Accordingly…
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The Turkish Code of Obligations (the “TCO”) stipulates under Article 440, that when an employee dies, the employer is obliged to pay compensation to his/her spouse and minor children, or legal dependants.
An employment contract is deemed to terminate upon an employee’s death and the employer is then obliged to pay compensation equivalent to one month of the deceased employee’s salary. If the employee had worked for the employer for more than five years, the amount of…
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1. Substantive aspects of both criminal and civil law
1.1 Legal theories and principal sources of lawIn Turkey there is no specific law or other legislation in effect with regard to trade secrets and their protection – the interest of the owner provides an imperfect exclusive right over trade secrets. They are not protected under specific laws, but protected under the general provisions of Turkish civil law.
The most general provision that constitutes a basis for the…
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