“Global OTC Pharmaceutical market set to grow to $235bn by 2024” says new Visiongain report
31 July 2019
Visiongain has launched a new pharma report Global OTC Pharmaceutical Market Forecast 2019-2029: Cough, Cold and Allergy, Analgesics, Gastrointestinal, Dermatology, Eye Care, Smoking Cessation Aids, Others.
There has been greater liberalisation of OTC marketing approvals and OTC switches. This is being driven by the benefits it offers to many stakeholders: increased revenue for pharma companies, reduced costs for governments, enhanced status for pharmacists and greater choice and availability for consumers. The rising cost of healthcare across the globe and the effects of the economic recession mean that the trend of favouring OTC switching is very likely to continue.
The lead analyst of the report commented "Electronic pharmacy kiosks, self-assessment and diagnostic tools, and home monitoring systems could increasingly help to support safe and effective self-medication with OTC products. These could potentially alleviate concerns by regulatory authorities regarding whether consumers would be able to decide whether OTC treatment is appropriate.
The current global trend is towards liberalisation of OTC advertisement regulation, driven by government enthusiasm for OTC products in a bid to cut healthcare costs. Many companies are trying to communicate directly with consumers through online and other media, bypassing input from medical professionals."
Leading companies featured in the report include AstraZeneca PLC, Bayer AG, Daiichi Sankyo Company, Limited, GlaxoSmithKline PLC, Johnson & Johnson, Mylan N.V., Pfizer, Inc., Proctor & Gamble Company, Reckitt Benckiser Group PLC, Sanofi S.A. and other companies.
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