LONDON, January 6, 2016 /PRNewswire/ --
Demand for Over-the-Counter (OTC) drugs is rising as patients are taking a more proactive approach to treating ailments, says GBI Research.
Analysis from business intelligence provider GBI Research - The OTC Drugs Market: Commercial Trends and Rx-to-OTC Switch Prospects - states that there is increasing pressure from customers, drug manufacturers and regulators to convert prescription medications to OTC non-prescription status.
The benefits of using OTC over prescription drugs include easy accessibility, lower costs, convenience and customer-empowering qualities. For a complimentary sample of this research, please visit the GBI Research website.
Analyst Sumith Ladda: "To date, the OTC drugs market has primarily catered for common ailments such as coughs, colds and headaches, which are not perceived as requiring a visit to a medical practitioner.
"For the most part, the pharmaceutical industry is in agreement that the 'easy' prescription-to-OTC switches have been completed, and that the coming years will be focused on chronic diseases like diabetes and hypertension.
"Indeed, pharmacists can expect to attend to rarer and more complex conditions, and as such will be a key part of the movement towards greater patient autonomy and expanded access to healthcare."
GBI Research's report also states that the rising costs of healthcare will drive the OTC drugs market, as patients are encouraged to eschew prescription treatments for lower-priced alternatives.
Cost-conscious insurance programs will drive this trend even further by encouraging consumers to self-treat, especially with regard to chronic conditions, by providing dramatically increased incentives for the use of newly-approved OTC drugs.
Ladda concludes: "This cultural shift towards greater self-reliance in healthcare means new competitors have identified the potential of OTC products, with many pursuing major acquisitions to gain a foothold for growth. Even food companies such as Danone and Nestle are focusing on OTC products, as they look to capitalize on growing consumer interest in personal wellbeing."
About GBI Research
GBI Research is a leading provider of business intelligence reports, offering actionable data and forecasts based on the insights of key healthcare industry influencers to ensure you stay up-to-date with the latest market trends.
For the full range of market-leading analysis on the pharmaceutical industry, visit GBI Research's report store.
Follow GBI Research online for the latest healthcare industry updates:
For more information, please contact GBI Research on: +44(0)161-359-5817
SOURCE GBI Research