Over-the-counter (OTC) pharmaceuticals, often known as non-prescription drugs, are medicines that can be purchased without a prescription from a healthcare professional. These medications are safe to use if the consumer follows the instructions on the label. These medications can be found in pharmacies, supermarkets, general stores, and gas stations all across the world. However, only pharmacists are authorized to dispense these drugs after validating the patient's age, identity, and awareness of the product and its utility. Minor health conditions are treated with non-prescription pharmaceuticals such as analgesics, dermatologic, and stomach remedies. The Over-the-counter Drugs Market Monograph or New Drug Application (NDA) processes to control and manufacture OTC medications.
The market is growing due to an increase in the prevalence of digestive diseases, the common flu, and colds.
According to the American Nutrition Association, over 70 million people suffer from indigestion, acid reflux, irritable bowel syndrome, and constipation on a daily basis. Patients with these diseases have been documented to take non-prescription medications. Cold and flu symptoms are treated with over-the-counter medications all over the world. The rising prevalence of viral infections that cause colds and flu is boosting the demand for the Over-the-counter Drugs Market.
Because of its well-established healthcare structure, North America is expected to lead the worldwide over-the-counter pharmaceuticals industry.
The global over-the-counter pharmaceuticals market is divided into North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa based on geography. Because of rising patient awareness about OTC drug use, which leads to self-medication behaviors, North America leads the worldwide over-the-counter pharmaceuticals market, followed by Europe. According to the Consumer Healthcare Protection Act of 2015, 81 percent of adults in the United States utilize over-the-counter drugs as their first line of defense against mild ailments.
Increased understanding of self-medication will help the OTC medications business flourish.
The market is growing because of an increasing public preference for self-medication for minor health issues, low drug prices, the convenience of direct purchasing, as well as advances and developments in the dosage forms of these pharmaceuticals.
To improve product exposure, key businesses are working on strategic alliances and collaborations with enterprises in far-flung geographies. For example, Nuvo Pharmaceuticals, Inc. purchased ex-U.S. products and existing royalty streams for 'Resultz,' an OTC head lice treatment, from Piedmont Pharmaceuticals LLC in January 2018. Alkem Laboratories Limited, GlaxoSmithKline Plc., Boehringer Ingelheim GmbH, Glenmark Pharmaceuticals Ltd., Cipla Ltd., Johnson and Johnson Inc., Pfizer Inc., Novartis AG, Merck KGaA, Sun Pharmaceutical Industries Ltd., and Teva Pharmaceutical Industries Ltd. are some of the major players in the global over-the-counter drugs market.
Increased understanding of self-medication will help the OTC medications business flourish.
The market is growing because of an increasing public preference for self-medication for minor health issues, low drug prices, the convenience of direct purchasing, as well as advances and developments in the dosage forms of these pharmaceuticals.
To improve product exposure, key businesses are working on strategic alliances and collaborations with enterprises in far-flung geographies. For example, Nuvo Pharmaceuticals, Inc. purchased ex-U.S. products and existing royalty streams for 'Resultz,' an OTC head lice treatment, from Piedmont Pharmaceuticals LLC in January 2018. Alkem Laboratories Limited, GlaxoSmithKline Plc., Boehringer Ingelheim GmbH, Glenmark Pharmaceuticals Ltd., Cipla Ltd., Johnson and Johnson Inc., Pfizer Inc., Novartis AG, Merck KGaA, Sun Pharmaceutical Industries Ltd., and Teva Pharmaceutical Industries Ltd. are some of the major players in the global over-the-counter drugs market.
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