Asia-Pacific over the Counter OTC Drugs Market
Asia-Pacific Over the Counter OTC Drugs Market Overview:
The Asia-Pacific growth driving factors over the counter OTC drug market are product innovations, high penetration in developing nations like India and China, and pharmaceutical companies inclination towards Rx drug and OTCs. This can be attributed to the rapidly growing population, an increase in the population s disposable income, adding critical mass to the population available to access OTC medication. Along with fresh accessibility channels in emerging retail stores, supermarkets also contribute to the development of the Asia Pacific OTC drug market. However, mostly because there is no legal framework, chemists are selling over the counter some frequently used prescription-only drugs for cold and cough. The increasing tendency to self-medicate enables the general market development.
Asia-Pacific Over the Counter OTC Drugs Market Scope of the Report:
As per this report s scope, counter drugs are called non-prescription drugs. These medicines can be purchased without doctor’s prescription by an individual and are safe for consumption without doctor s consent.
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Asia-Pacific Over the Counter OTC Drugs Market Key trends:-
Cough, Cold, and Flu Products Holds Significant Market Share:
The OTC market has seen powerful development as a result of increasing needs and consumer demand for self-medication. In India, too, patients usually depend on their neighborhood chemist to prescribe adequate medications for diseases such as cough, cold, nasal congestion, or fever. The frequency of certain ailments, such as prevalent colds and headaches, is discovered to increase in India. At the same moment, customers become more inclined to battle on their own, seeking over – the-counter OTC remedies and medications rather than checking in with their doctors. Consumers in India are discovered to rely on OTC for cough, cold, or flu medications as this is a first reaction to relieve their symptoms. Increased sales of OTC drugs for cough, cold, and flu due to their simple procurement. The increasing population also serves as one of the region s main drivers.
Asia-Pacific Over the Counter OTC Drugs Market Competitive Landscape:
The market for counter-drugs is extremely competitive, with several significant players. On market share, few significant players presently dominate the market. With technological advances and product innovation, mid-size to smaller businesses increase their market presence by introducing fresh goods with lower prices. For example, in April 2018, Procter & Gamble Company purchased Merck KGaA, Darmstadt, Germany, and Consumer Health. Companies like Johnson and Johnson, Novartis AG, Bayer AG, GlaxoSmithKline PLC, and Pfizer hold substantial market shares in the counter-drug industry.
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