(I-BusinessNews.Com, September 12, 2019 ) Market Overview
Â Over-the-counter drugs are the medicines that are sold directly to a consumer without a prescription. The increasing number of patent expiries of the prescription drugs and inclination of key players towards OTC revenue generation is leading to the increased demand for OTC drugs.
Â The advancement and growth in distribution channels like online pharmacies, departmental stores, supermarkets, and others is also expected to drive the market.
Â Global over the counter drugs market growth is driven by the growing need for self-medication by the consumers, growing healthcare awareness among the consumers, rising geriatric population who are more susceptible to several ailments like joint pains, increasing patent expirations of the prescription drugs, cost-effectiveness of OTC drugs, inclination of pharmaceutical companies from prescription drugs to OTC Drugs, and the presence of digital marketing key trends.
Â The inclination of pharmaceutical companies towards OTC drugs from Rx drugs is expected to drive the OTC drugs market. The increasing patent expiration rate is resulting in switching from prescription to OTC by the key players as a counter-strategy. As per the Consumer Healthcare Products Association, in the US, approximately 106 ingredients, dosage strengths, indications have undergone a switch from prescription to OTC, translating to about 700 OTC products in the market. The economic benefits received from OTC drugs usage led to the savings on the drug cost and cost related to the clinical visit. Thus, it is significantly attributing to the market growth in the emerging economies.
Â Based on type, the global over the counter drugs market is segmented into Analgesics, Cold, Cough, and Flu products, Weight loss products, Gastrointestinal products, Skin products, Mineral and vitamin supplements, Sleeping aids, Ophthalmic products, and others.
Â The weight-loss products segment is expected to drive the market over the period of forecast. This is owing to the rising awareness of the general population about health and an increase in the consumption of junk food, which leads to a rise in lifestyle-related diseases. On April 14, 2019, Gelesis, a biotechnology company which develops first-in-class hydrogel therapeutics for the treatment of obesity and other chronic diseases related to the gastrointestinal (GI) tract, got US FDA approval for PLENITYÂ (Gelesis100), as an aid in weight management in adults with a Body Mass Index (BMI) of 25Â40 kg/m2, when used in conjunction with diet and exercise.
Â Based on the mode of intake, the global over the counter drugs market is segmented into Oral, Topical, and Parenteral.
Â Based on end-users, the global OTC Drugs market is segmented into Retail Pharmacies, Hospital Pharmacies, online pharmacies, and others.
Â North America is dominating the global OTC drugs market in 2018 and estimated to hold largest market size over the forecast period (2019-2026) owing to the leading trend among pharmaceutical companies to switch from prescription to OTC drugs, increasing drug development, and ease of availability of the drugs.
Â According to the National Institute of Health, 93% of adults in the US prefer to treat their minor ailments with OTC medicines before seeking professional care, and 85% of parents in the US prefer to treat their children’s small diseases with an OTC medicine before seeking professional care.
Â In the US, there are around 100,000 OTC drug products marketed and sold in a variety of outlets, such as pharmacies and stores.
Â The presence of the vast number of OTC drugs generating significant revenues in the region is expected to boost the market. For instance, according to the Washington, D.C.-based non-profit Consumer Healthcare Protection Association, the top-selling OTC drug categories in 2018 (million) were Oral analgesics with $4,323, Heartburn with $3,229, Antiperspirants with $3,034, etc.
Â Some of the key players in the global over the counter drugs market are Bayer HealthCare, Johnson and Johnson, Pfizer, Novartis, GlaxoSmithKline (GSK), Boehringer Ingelheim, Sanofi, Teva Pharmaceutical Industries Ltd., Alkem Laboratories Limited.
Â In January 2019, Innovus Pharmaceuticals, Inc., an emerging commercial-stage pharmaceutical company, launched XyralidÂ® Suppositories, for the reduction of swelling of hemorrhoidal tissues and provides pain relief from burning, itching, and discomfort. XyralidÂ® Suppositories received a Product License Application (“PLA”) in Canada, and the product is available as an over-the-counter (“OTC”) or behind the counter drug and will not require a prescription. The product is now available in Canada directly through the Company’s website and its Beyond HumanÂ® marketing and sales platform.
Â In May 2019, Innovus Pharmaceuticals, Inc., announced that Taro Pharmaceuticals U.S.A., Inc., will supply Innovus Pharma, through the CompanyÂs wholesaler, TaroÂs 5% Minoxidil Foam for men and women under its approved (“ANDA”) No. 209074 from the U.S. Food and Drug Administration (“FDA”). Innovus Pharma will launch the drug under its own trademark RegoxidineÂ.
Â On July 6, 2018, Pfizer announced that the MHRA had approved the reclassification of the proton pump inhibitor (PPI) Nexium Control (esomeprazole), making it available for the consumers to purchase it without a prescription.
Â In November 2018, Elite Pharmaceuticals, Inc. (“Elite” or the ÂCompany”), a specialty pharmaceutical company developing abuse-deterrent opioids and niche generic products, launched generic methadone hydrochloride 5mg and 10 mg tablets by Glenmark Pharmaceuticals, Inc., USA (ÂGlenmarkÂ), EliteÂs marketing alliance partner.
Â In July 2018, Dr. Reddy’s Laboratories (DRL) today launched over-the-counter Esomeprazole magnesium delayed-release capsules USP, 20 mg, used to treat acid reflux, in the US market. Esomeprazole Magnesium Delayed-Release Capsules USP, 20 mg is an over-the-counter (OTC) therapeutic equivalent generic version of Nexium 24 hour capsules.
Â In January 2018, J&J, GlaxoSmithKline and Reckitt Benckiser are on a race to buy Pfizer’s $20 billion consumers. However, the final two competitors are Reckitt Benckiser and GSK.
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