The worldwide over-the-counter pharmaceuticals business is expanding rapidly as a result of rising illness burdens, increased demand for OTC medications, and a growing tendency of self-medication. Moreover, pharma firms' preference for OTC pharmaceuticals over RX drugs is likely to drive market expansion. Yet, problems such as the likelihood of drug addiction and a lack of knowledge in rural regions are projected to stymie market expansion. The global increase in demand for OTC pharmaceuticals is predicted to contribute to the expansion of the global over-the-counter drugs industry. AFT Pharmaceuticals and RooLife Group, for example, offered a selection of AFT's OTC drugs through their store on the China Cross Border E-Commerce (CBEC) online platform Tmall Global in July 2022.
According to Coherent Market Insights, the global Over The Counter Drugs Market was valued at US$ 143.7 Mn in 2021 and is forecast to reach a value of US$ 201.4 Mn by 2028 at a CAGR of 4.9% between 2022 and 2028.
Leading Companies in the Over The Counter Drugs Industry:
1. Pfizer Inc.
Pfizer Inc. discovers, develops, manufactures, markets, distributes, and sells biopharmaceutical products worldwide. The company has collaboration agreements with Bristol-Myers Squibb Company; Astellas Pharma US, Inc.; Myovant Sciences Ltd.; Merck KGaA; Valneva SE; BioNTech SE; and Arvinas, Inc. Pfizer Inc. was founded in 1849 and is headquartered in New York, New York.
2. Perrigo Company PLC
Perrigo Company plc provides over-the-counter health and wellness solutions to enhance individual well-being in Ireland, the United States, France, Belgium, China, the United Kingdom, Germany, Switzerland, Austria, Italy, Australia, Greece, and Spain. It operates through Consumer Self-Care Americas and Consumer Self-Care International segments. Perrigo Company plc was founded in 1887 and is headquartered in Dublin, Ireland.
3. GlaxoSmithKline PLC
GSK plc, together with its subsidiaries, engages in the research, development and manufacture of vaccines and specialty medicines to prevent and treat disease in the United Kingdom, the United States, and internationally. It operates through four segments: Pharmaceuticals, Pharmaceuticals R&D, Vaccines, and Consumer Healthcare. The company offers pharmaceutical products comprising medicines in the therapeutic areas, such as infectious disease, HIV, immunology and respiratory, and oncology. The company was formerly known as GlaxoSmithKline plc and changed its name to GSK plc in May 2022. GSK plc was founded in 1715 and is based in Brentford, the United Kingdom.
4. Mylan NV
The company was founded in 1961, headquartered in England, U.K, Developer and manufacturer of generic pharmaceuticals products created to meet the growing demand of effective drugs.
5. Bayer AG
Bayer is a German healthcare and agriculture conglomerate. Healthcare provides close to half of the company's sales and includes pharmaceutical drugs as well as vitamins and other consumer healthcare products. The company is headquartered in Germany, founded in 1863.
6. Reckitt Benckiser Group PLC
Reckitt Benckiser Group plc manufactures and sells health, hygiene, and nutrition products worldwide. The company was founded in 1819 and is headquartered in Slough, the United Kingdom.
7. Johnson and Johnson
Johnson & Johnson is involved in the research and development, manufacturing, and sale of a variety of healthcare products. Consumer, Pharmaceutical and Medical Devices, and Diagnostics are the three business segments of the company. The company was founded in 1886, headquartered in New Jersey, U.S. In April 2019, Johnson & Johnson acquired Auris Health Inc., which advances its commitment to combating lung cancer and expands its digital surgery portfolio across surgical specialties.
8. Sanofi
Sanofi, a healthcare company, engages in the research, development, manufacture, and marketing of therapeutic solutions in the United States, Europe, and internationally. It operates through Pharmaceuticals, Vaccines, and Consumer Healthcare segments. Sanofi was founded in 1973 and is headquartered in Paris, France. In July 2019, Sanofi and Roche signed an agreement for the exclusive over-the-counter (OTC) rights to Tamiflu to prevent and treat influenza or flu in the United States. In January 2020, Sanofi acquired Synthorx Inc. It is a clinical-stage biotechnology company focused upon improving the lives of people with cancer and autoimmune disorders.
9. Takeda Pharmaceutical Company Ltd.
Takeda Pharmaceutical Company Limited operates as a research-based pharmaceutical company in Japan. The company operates its business in two categories, Pharmaceutical business and other businesses. The Pharmaceutical business represents the ethical drug business and healthcare business. The company was founded in 1781, headquartered in Osaka.
*Definition- Over-the-counter (OTC) medications are those that may be purchased without a prescription. OTC medications are used to treat a wide range of ailments and symptoms, including pain, coughs and colds, diarrhoea, constipation, acne, and others. When consumers follow the guidelines on the label and as advised by a healthcare expert, they are safe and effective.
