23 September 2020
Visiongain has published a new report on OTC Drugs & Dietary Supplements Market Report: Forecasts by Product Type (Branded Drugs, Generic Drugs), by Category (Cough, Cold and Flu Drugs, Analgesics, Dermatological, Vitamins and Minerals, Weight Loss/Diet Products, Gastrointestinal Drugs), by Distribution Channel (Pharmacies/Drugstores, Supermarkets/Hypermarkets, Convenience Stores, Online Drugstores, Health Food Stores), by Dosage Form (Tablets, Hard Capsules, Powders, Ointments, Soft Capsules, Liquids, Other Dosage Forms). PLUS, Analysis of Leading Regional and National Markets and Profiles of Leading OTC Drugs Companies.
The global OTC Drugs and Dietary Supplements Market was valued at US$ xx billion in 2019 and is projected to reach a market value of US$ xx billion by 2030. In primary health services, the OTC drug industry plays an important role, accounting for about 14 per cent of the entire drug sector. The process of licensing, legalizing the distribution and marketing rights, the legalization and approval of sales points, promotion points, and other methods such as enabling the consumer to pick products, allowing the market and competing for pricing of OTC medicines, and deregulation of the cover of insurance for OTC drugs have been revised by many countries. OTC drugs have legal status in over 80 countries, most of which come from Europe, North America, and Asia. There is a risk that in another country, a drug allowed as an OTC drug is not permitted. This makes it difficult for tourists or people on a business trip to carry an OTC drug from country to country. Therefore, it is always advisable to check rules on carrying certain medicines while travelling to other countries. OTC drug markets are dominated by pharmaceutical companies that have reclassified their medicinal products from prescription to OTC. These products are declared safe for consumption and cannot be marketed under the OTC classification without medical consultation requirements. This change in drug regulatory policy has allowed many pharmaceutical companies to retain their patented products even after the end of the formula patents and has helped them become market leaders on the new OTC drug market.
COVID-19 Impact on OTC Drugs and Dietary Supplements Market
The interruptive effects of COVID-19 have greatly impacted the global supply of pharmaceuticals, which increases the risk of deficiency. Despite the gradual restoration of production across different industries and regions in China. Disruption of the production and supply chain, which could, in turn, represent an opportunity for the industry to re-examine existing channels. Despite China's levels of economic activity indicators suggesting that some operations return to pre-outbreak levels, the COVID-19 outbreak forces companies to understand their supply chain weaknesses and diversification their supply chain supply (similarly to what was done to prepare for Brexit).
Is the Prevalence of Self-Care Driving OTC Drugs and Dietary Supplements Market?
The health and fitness and wellness efforts of developed and developing countries are growing globally now aware. Supervision in the global healthcare system is becoming a primary public resource. Many countries around the world have accepted self-medicines as an important part of primary health care. The use of medicines and dietary supplements includes self-care. In numerous countries, it has been an old practice to use traditional remedies and food supplements. In self-drug practice, the use of natural elements like herbal resources and animal resources is common. Due to their availability, durability, safety, and efficacy, modern medicines with allopathic or western self-care products are becoming convenient. Allopathic drugs or pharmaceuticals are highly regulated and are only available to pharmacies under registered pharmacists before purchase and prescription.
Growing demand for health and wellness supplements
The growing preference for healthy living and the growing awareness of dietary supplements among people have a positive impact on market growth. Creating business opportunities for market expansion is the growing demand for Nutraceutical products. Also, the growth of plant supplements will probably open new market horizons. Other drivers of market growth are the advent of sports nutrition and the growth in medical nutrition.
Opportunities to Drive Sales via Social Media and Online Marketing
The global trend today is towards liberalizing the OTC advertising regulation, driven by the enthusiasm of the government for OTC products to reduce healthcare costs. Many companies attempt to communicate with consumers directly via online and other media and bypass medical professionals' contributions. Unlike prescription-only medicines, most countries advertise OTC medicines. This advertising is normally strictly regulated by the Federal Trade Commission and the Regulatory Agency for Medicines and Health Products of the UK. Some countries only allow the publicity of certain therapeutic pharmaceutical categories.
OTC drugs are manufactured by several pharmaceutical companies, mainly manufacturing prescription medicines and OTC manufacturers like Perrigo that mainly produce OTC medicines with the latest brand and consumer goods companies like Procter & Gamble and Reckitt Benckiser, which market a range of consumer brands. OTC medicines are manufactured by a variety of drugs. For example, in Europe, the manufacturers get about two-thirds of the retail price of a medicine in income; the remaining one third goes to wholesaler, retailer, and government. The retail price of a medicinal product, for example, is increased by about two thirds.
Some of the companies profiled in the report include Some of the companies profiled in this report include Taisho Pharmaceutical Holdings Co., Ltd., Nippon Chemiphar Co., Ltd., H Lundbeck A/S, ASKA Pharmaceutical Co., Ltd., Teva Pharmaceutical Industries Limited, Novartis AG, Pfizer Inc., Mylan N.V., Abbott Laboratories, Fresenius SE & Co KGaA, Sun Pharmaceutical Industries Limited, Sanofi, Roche Holding AG (Roche), Lupin Limited. On October 22, 2019, H. Lundbeck A/S (Lundbeck) completed the acquisition of Alder BioPharmaceuticals, Inc. (NASDAQ: ALDR) (“Alder”) a migraine-focused company based in Bothell, Washington, for an aggregate cash consideration of up to approximately USD 1.95 billion.
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As lockdowns were imposed in all the countries, diagnosis rates went down in majority of countries during the year hitting the drug sales for some period. Although lockdown measures have been eased up in most countries by mid-year 2020, this trend is expected to continue beyond 2020, stock up of medicines by patients is likely to propel the drug sales in majority of the developed economies, which account for majority of rare diseases.
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