OTC Drug Market in India 2014 highlights the analysis of the drivers and explains the factors for growth of the industry.
With a huge self-medicated patient base, the OTC drug market is expected to show steady growth in the coming years. Globally, the Indian pharmaceutical industry ranks third in terms of volume and 14th in terms of value. The increasing self-medicated patient population, growing confidence in OTC drugs, and change of prescription drugs to OTC drugs are the key drivers of this market, which will make India rank 11th in terms of size.
This report, OTC Drug Market in India 2014, highlights the various segments of OTC drugs such as vitamins and minerals. Gastrointestinal diseases, cough, cold and allergy are some of the major reasons for the popularity of the OTC drug market.
The growing self-treatment patient base and their confidence in the OTC drugs are helping the Indian market grow. At the same time, price regulations and the major drug makers such as Ranbaxy, Cadila Healthcare, Lupin and GlaxoSmithKline venturing into both nutraceuticals and OTC segments are helping the market grow. The companies have already started introducing products into the mother and child categories, dietary supplements, weight management, and even cardiac care. The products launched in the OTC drugs in India involve huge margins and experts have predicted that the segment will witness rapid growth because of the increased lifestyle diseases and consumers turning health-conscious.
Prescription drugs, after becoming OTC, present a huge opportunity for growth. OTC drugs increase the availability of different types of drugs intended for self-medication among patients, which helps in the growth of the market. The increasing disposable incomes of people are also helping to boost the market size. Some challenges faced by the industry are the internal competition between large pharmaceutical companies and the low penetration of OTC drugs in rural areas. Various government initiatives have been undertaken to reduce the drug prices and various tax reforms and control programs are promoting the growth of the market as well.
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