Over-the-counter drugs, also known as non-prescription drugs, are available in pharmacies and other retail stores and can be used without being prescribed by a doctor. These drugs are critical components of the pharmaceutical industry as they are highly potent and have the capability to show effective results for simple diseases. The number of competitors diving into the large pool of pharmaceutical industry are increasing day-by-day making the industry a promising venture for new comers to capitalize upon. This review will help to attain a competitive analysis of developments such as strategic alliances, mergers and acquisition, joint ventures as well research and innovation leading to product development with respect to over-the-counter drugs market. According to Consumer Healthcare Products Association, the total U.S. sales for OTC medicines accounted for US$ 34,327 million in 2017.
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Competitive Analysis – The top 10 players operating in the global over-the-counter drugs market include:
- Pfizer, Inc.,
- Novartis AG
- GlaxoSmithKline Plc
- Bayer AG
- Glenmark Pharmaceuticals
- Merck KGaA
- Teva Pharmaceuticals
- Johnson & Johnson Services, Inc.
- Boehringer Ingelheim
The global over-the-counter drugs market is highly competitive, owing to increasing adoption of personal healthcare and self-medication due to rising awareness among the people regarding health precautions and basic drug knowledge. Under such conditions, the competitors experience performance pressure in terms of pricing. Market players are thus focusing on development of OTC drugs in cost-effective way that will help to cater price-sensitive customers, in turn, significantly maintain and subsequently increase profit margins, especially in emerging economies.
Following is the Impact Analysis of the strategies employed by the competitors and its impact on the revenues and sales in the global over-the-counter drugs market.