Abstract

EMERGING CONCEPT AND GLOBAL TRENDS OF OTC DRUGS IN PHARMACEUTICAL MARKET

*Rishi Yadav, Devashish Jena and Pravesh Kumar Gupta

Abstract

Most Nations accept over-the-counter sales lawfully. Medications that have legal authority for pharmacists to sell without a prescription are referred to as Over-the-Counter (OTC) Medicines. OTC medications make healthcare more affordable and accessible, yet there are worries about their overuse and negative health impacts. There has been a sudden increase in OTC medicine in the pharmaceutical market during Covid-19 in 2019-20, now it is trending globally. The market for overthe- counter (OTC) pharmaceuticals was valued at USD 150.04 billion in 2022 and expected to increase at a compound annual growth rate (CAGR) of around 5.73% to reach USD 234.38 billion by 2030. In 2024, the over-the-counter drug market in India is projected to be worth USD 6.73 billion. By 2029, it is anticipated to have grown at a compound annual growth rate (CAGR) of 5.39% to reach USD 8.76 billion. Health authorities are beginning to promote the use of generic replacement more often due to economic concerns. If quality control and/or bioequivalence are subpar, this might potentially cause issues for medications with a limited therapeutic window. Drugs that are of inferior quality or even counterfeit are widely distributed because many poor nations lack the means and knowledge necessary to conduct adequate quality control.

Keywords: OTC Drug, Marketing, Emerging market, Global trends, Future Outlook.