Shifting consumer preferences towards self-medication is propelling the growth of the counter drugs market

 

Over-the-counter Drugs Market

Over-the-counter drugs are drugs sold directly to a customer without a need for a doctor's prescription, rather than a pharmacy, as opposed to over-the-counter medication, which can be supplied only to medical users possessing a valid prescription. There are various types of over-the-counter medication to aid in the treatment of a number of different health ailments and conditions. Commonly prescribed medications that are sold without prescriptions include cold remedies, pain relievers, antihistamines, contraceptive pills, and cancer medications. Over-the-counter drugs act as a temporary means to relieve pain, provide relief for individuals who are experiencing a cold or flu and can assist individuals with allergies and other health conditions.

 

The growing tendency of self-medication is predominantly fueling the growth of the over-the-counter Drugs market. According to the Med J DY Patil Vidyapeeth studies, India showed the prevalence of self-medication as 37% in urban areas and 17% in rural areas in India. 90 (38.1%) subjects felt confident that they were competent enough in treating common ailments using self-medication. Additionally, growing rates of patent expiration are shifting preferences of companies from Rx to OTC as a counter-strategy. This is again expected to augment the growth of the over-the-counter drugs market. 

 

From the geographical point of view, North America is expected to gain significant growth over the forecast period, and this high preferences for over-the-counter drugs. According to the Consumer Healthcare Products Association, 96 percent of U.S. adults believe OTC medicines make it easy for individuals to care for minor medical ailments. The availability of OTC medicines creates significant value for the U.S. healthcare system: $146 billion in annual savings relative to alternatives. On average, U.S. households spend about $338 per year on OTC products. 

Key Developments:

  1. In September 2020, Hamdard Laboratories has launched six new over-the-counter (OTC) products to treat common illnesses like colds and coughs. In September 2020, Dr. Reddy's Laboratories has launched an over-the-counter (OTC) eye allergy drop Olopatadine Hydrochloride Ophthalmic Solution in the US market.
  2. In September 2020, Genexa has contributed to the expansion of the over-the-counter (OTC) industry with the launch of its first-to-market clean medicine line for kids and adults.
  3. In January 2021, Hamdard Laboratories has launched 12 Over Counter (OTC) medicines to boost immunity. The new range of products contains ingredients like Aswagandhi, Kalonji, Gilo, and Jamun powder along with Zafran which are known for strengthening body immunity and overall health, Hamdard Laboratories said in a statement.

Location: India

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