31 July 2018
Visiongain has launched a new pharma report Global OTC Pharmaceutical Market Forecast 2018-2028: Forecasts by Product (Cough, Cold and Allergy, Analgesics, Gastrointestinal, Dermatology, Eye Care, Smoking Cessation Aids, Others) and Geography, with Analysis of Leading Companies
The potential of the OTC pharmaceutical market remains significant and it is a growing segment in the largely stagnant overall pharmaceutical market. In the face of looming patent expiry and falling R&D productivity, the consumer healthcare and OTC business offers distinct advantages to pharmaceutical companies looking to create a diverse portfolio of businesses that achieves sustained revenue growth over the next ten years.
The lead analyst of the report commented “The growth of the OTC Pharmaceutical market will be driven by ageing demographics, cost pressures on healthcare providers, liberalisation of regulatory requirements, shifting cultural practices towards self-medication, and the continued switching of drugs from prescription-only to OTC.
Competition from private-label brands, regulatory concerns over OTC switching and the effective marketing of products via the Internet and social media are some of the challenges that OTC manufacturers and brands will need to address in the future.”
Leading companies featured in the report include Bayer AG, GlaxoSmithKline (GSK) Consumer Care, Perrigo Company PLC, Johnson & Johnson, Daiichi Sankyo Co., Ltd, Pfizer Inc., Procter & Gamble, Sanofi S.A, Reckitt Benckiser Group PLC, Cipla, Inc.
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The increasing rates of patent expiry lead to a counter-strategy of switching companies from Rx to OTC. In the US, according to the Consumer Healthcare Products Association, approximately 106 ingredients and dosage strengths have undergone a change from Rx to OTC to around 700 OTC products on the market.
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