PAYA DAYALI KİTLE FONLAMASININ TÜRK İLAÇ SEKTÖRÜNDE AR-GE HARCAMALARININ FİNANSMANINDAKİ ROLÜ VE ÖNEMİ

Tüm dünyayı kuşatan COVID-19 pandemisi sadece insan sağlığının değil bir bütün olarak ülkelerin sağlık sistemlerinin de ne kadar kırılgan olduğunu göstermiştir. Bu kırılganlık, mevcut sağlık sistemlerinde, özellikle araştırma-geliştirme (AR-GE) safhalarındaki girişimlerin, finansman olanaklarından yeterince istifade edememelerinden kaynaklanabilmektedir. Bu çalışmada, çağdaş ve yenilikçi bir finansman yöntemi olarak “paya dayalı kitle fonlaması” modeli konuya ilişkin literatür ve uluslararası uygulama örnekleri çerçevesinde incelenmekte ve Türkiye’de yakın zamanda hayata geçirilen paya dayalı kitle fonlamasına yönelik sermaye piyasası mevzuatı değerlendirilmektedir. Yapılan inceleme ve değerlendirmeler ile uygulamada karşılaşılabilecek tereddütlerin zamanında giderilebilmesine yönelik öneriler doğrultusunda, Türkiye’de ilaç AR-GE harcamalarının paya dayalı kitle fonlaması modeliyle finansmanının erken aşama ilaç girişimleri için son derece önemli bir fırsat oluşturduğu sonucuna ulaşılmaktadır

Anahtar Kelimeler:

Paya dayalı kitle fonlaması, AR-GE, ilaç sektörü, girişimcilik, kitle fonlaması

THE POTENTIAL ROLE AND SIGNIFICANCE OF EQUITY CROWDFUNDING FOR FINANCING R&D EXPENDITURES IN TURKISH PHARMACEUTICAL INDUSTRY

COVID-19 pandemic, which has surrounded the world, has already proven the fragility of not only the health of human but also the health systems of countries as a whole. This fragility may have been arising from the fact that business ventures at the research and development (R&D) phase in particular have not been able to benefit from financing opportunities at all in current health systems. In this study, we examine the “equity crowdfunding” model as a contemporary and innovative means of finance with respect to the extant literature and international practices and we evaluate the new capital market regulations on equity crowdfunding in Turkey. In line with our examinations and evaluations as well as our policy recommendations to take timely actions against potential practical problems, equity crowdfunding model stands out as a great opportunity for pharmaceutical start-ups and ventures to finance their R&D expenditures in Turkey.

Keywords:

Equity crowdfunding, R&D, pharmaceutical industry, entrepreneurship, crowdfunding,

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