Turkish Pharmaceutical Company Changes Its Name

Genveon, highlighting its introduction of innovative products to Turkey's pharmaceutical market and demonstrating a total growth of 161% over the past two years, announced that it is entering a new transformation process. As the first step in its transformation, the company changed its name to Genveon and aims to achieve total growth of 258% by the end of 2023 and rank among the top 25 pharmaceutical companies in Turkey's market by 2025.

[caption id="attachment_104647" align="aligncenter"] Genveon Alp Karaağaç[/caption]   Generica İlaç, which operates in Turkey's pharmaceutical sector and was founded in September 2007, has changed its name to "Genveon". In a statement regarding the name change, the company noted that it has demonstrated rapid growth in recent periods with a broad product portfolio consisting of original, generic and OTC medicines in both acute and chronic markets and has accelerated its research and development center activities.

"A name that brings past and future together"

Genveon Board Chairman and Founder Alp Karaağaç, sharing his views on the matter, stated: "We have initiated a major transformation movement in our company, and in 2020 we first changed our company name to 'Genveon'. Genveon was created from a combination of 'Generica', our former name, and 'Invention', the contemporary definition of innovation. Our new name will bring together the experience we have gained in the past, the trust we have built, the high-quality culture we possess, and our dynamism with innovation."

"Our goal is to enter new markets with new products and medicines"

Adding that he has been in the pharmaceutical sector for many years, Karaağaç stated: "As Genveon, along with this change, we plan to enter new markets with new products and medicines. In Turkey's pharmaceutical market, we achieved 73% growth in 2018 and 51% growth in 2019. Our goal for the coming years is to grow at a minimum of 25% above the Turkish pharmaceutical market growth rate each year."   Source