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Rising consumer confidence in over-the-counter products drives the Indian OTC pharma market

 


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Over-the-counter pharmaceutical market is the eleventh largest OTC market in the world and is expected to reach ninth position within five years. The OTC market consists of different segments like vitamins and minerals, gastrointestinals, cough and cold, analgesics, dermatologicals and lifestyle OTCs.

The report begins with the introduction section which offers a brief insight into the major over-the-counter segments. It then moves to the market overview section which provides an insight into the global market and then moves on to the Indian market, highlighting the market size and growth. The top ten OTC brands in both the Indian and the global market, along with the sales figures have been provided. The report also provides individual market sizes for the different segments of the OTC market.

A number of driving factors are acting as catalysts for the high growth of the industry. A detailed analysis of the drivers has been included in the next section An analysis of the drivers explains the factors for growth of the industry including rising consumer confidence in OTC products, increasing number of shifts from prescription to OTC drugs, booming retail growth, increasing focus on brand building and changing demographics. The key challenges include pricing pressure and preference of home remedies to OTC products.

The Government initiatives section highlights the different efforts on part of the Government to promote the growth of the market. These initiatives are mostly aimed at the proper distribution of drugs among all classes of patients by distributing drugs at subsidised rates at special stores, known as Jan Aushadhi stores. Various reforms in the tax structure are the other initiatives adopted by the government.

A brief overview of the drug market value chain and drug regulations is presented in the next section. It analyses the pharmaceutical value chain, and focuses on the different stages of clinical trial that a drug must pass through. A snapshot of different regulatory frameworks existing in the Indian pharma industry has been shown.

The competition section gives overview of pharmaceutical companies in the country operating in the OTC industry. Thereafter, the report highlights the features of the major players operating in the market in detail. It includes elaborate profile of the major players in the market along with their financial analysis. Porters Five Forces Analysis has been incorporated for a brief but effective understanding of the market scenario. It also incorporates the recent developments in the OTC industry.

The strategic recommendations section focuses on some effective strategic decisions which can be taken up by companies to increase their market shares. The OTC market is mainly concentrated in rural parts of the country. There is a huge opportunity lying in the rural market. The increasing education level, per capita disposable income will drive the OTC market. The OTC manufacturers should penetrate in the rural market as well. Companies should also focus towards diversified distribution channels. Brand creation for the OTC products and expansion into several OTC segments can also be effective strategies for the manufacturers to increase their sell figures and market shares.

Netscribes is a market research firm that supports Market Insights, Research & Analytics, Media & Publishing and Content Management. Netscribes services include Sales Insights, Market Intelligence, Social Media Insights, and Brand Surveillance for global clients.

Netscribes’ is a leading source for market intelligence on emerging sectors in India. Our topics provide a holistic view of an industry and are a spring board for entry strategies, private equity and venture capital investments, investor presentations and management discussions.

For more details on the content of the report and our services you can contact us at sales@netscribes.com

Netscribes launches a report on the OTC Drug Market in India 2012 as part of Netscribes’ Healthcare Industry report

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