Rising Tendencies towards Self-Treatment Drives the Indian OTC Drug Market03 Nov 2011 • by Natalie Aster
Mumbai, India – India has a huge self medicated patient base, which is expected to provide a boost to the Indian OTC market. Netscribes (India) Pvt. Ltd., a knowledge consulting Solutions Company, announces the launch of the report “OTC Drug Market in India 2011”.
Over-the-counter drug market in India ranks eleventh in the global OTC market and is expected to reach the ninth position within the next five years. Since Indian patients have a huge tendency for self treatment, the Indian market is characterized by a huge demand for OTC drugs. It is a highly fragmented market with a large number of foreign and domestic players. Rising consumer confidence in OTC products, increasing number of shifts from prescription to OTC drugs, increasing focus on brand building, booming retail growth and changing demographics is helping the market to grow. The Indian Government, on its part has taken initiatives to reduce drug prices, has made certain reforms in the tax structure and has undertaken various other initiatives to promote the OTC market. The market is expected to exhibit steady growth over the next few years.
OTC Drug Market in India 2011
Published: October 2011
Price: US$ 600.00
Indian Market Overview
- Increasing amount of consumer confidence in OTC products is driving the Indian market;
- Over-the-counter drug market in India has a huge potential;
- India currently ranks eleventh in the global OTC market and it is estimated that it will reach ninth position within next five years;
- Sales channels for OTC drugs are extensive, as they do not require a drug license and can be sold by non chemists as well;
- Vitamins and minerals segments are the most popular segments.
Market size and Growth
OTC Drug Distribution- 20--
- Changing demographics;
- Low price control;
- Increasing focus on brand building;
- Booming retail growth;
- Increasing number of shifts from prescription to OTC drugs;
- Rising consumer confidence in OTC products.
- Low penetration in rural areas;
- Preference of home remedies;
- Time consuming clinical trial procedures;
- Competitive market.
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