According to a recent report by Express Pharma, India’s OTC drugs market was worth $6.38 billion in 2019, with an estimated CAGR of 19.4%. The market holds evident potential to reach 15.48 billion by 2024.
Increased demand is being driven by an increase in health-conscious consumers and their shifting attitude toward self-medication, followed by pharma corporations growing preference for OTC pharmaceuticals over RX drugs. Looking at the growth & demand, Indian pharma companies have reduced the unhealthy dependency on other countries for APIs and raw materials as it may take some time. Therefore, Indian pharma companies are shifting their focus to a less-ventured market, i.e., over-the-counter (OTC) Drugs.
To understand the OTC consumer journey among Indians & their consumption during the most common illnesses, Velocity Healthcare conducted a pan-India study to know the OTC medication landscape & the driving factors for these drugs.
The study covered 15 metro & non-metro cities to evaluate Indians’ beliefs & attitudes regarding the frequency to purchase, its drawbacks & benefits, and the most purchased brands for cold, cough, pain, fever & acidity.
A few of the insights covered in this research report to assess the India’s Over-the-counter drugs market are-
- Common illnesses for which OTC medicine is purchased
- Duration to which OTC medicine is consumed
- Mode of purchase of OTC medications
- Brand usage for top 5 illness
- Factors most influencing OTC medicine brand purchase et al.
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