REACHING FOR THE COUNTERS

DESPITE HEALTH CONCERNS, THE INCREASING POPULARITY OF OTC DRUGS HAS LED TO PHARMA MAJORS SEIZING THE CHANCE TO DIVERSIFY THEIR REVENUE STREAMS. THE RISING POPULARITY OF SKINCARE AND PERSONAL HEALTH HAS LED TO EASY ACCESS OF SEVERAL DERMATOLOGICAL PRODUCTS. FROM D2C BRANDS TO ESTABLISHED PLAYERS, PHARMA COMPANIES ARE LOOKING TO BITE INTO THE PIE

- BY NEETU CHANDRA SHARMA

GROWING AWARENESS ABOUT healthier lifestyles and increasing instances of lifestyle-related diseases have opened up the world of over-the-counter (OTC) drugs for both patients and pharmaceutical companies.

From headaches to a bout of acidity, patients turn to easily available OTC medications to alleviate common ailments. Add to that, the access to information through various social media platforms. According to the January 2023 edition of The Cureus Journal, an online medical journal, 60% of Indians engage in self-medication. Medications like analgesics (66.25%) and antipyretics (59.16%) are commonly used for ailments like fever and body aches.

Typically, OTC drugs are those that are allowed to be sold without a doctor's prescription. Countries like the UK, the US, and Australia have clear guidelines for the sale of OTC drugs, but India lacks such regulations. In 2022, India approved a new OTC drug policy, but it was not implemented. The Indian government, in a bid to reduce treatment cost and promote self-care without compromising on safety, set up a committee last year to formulate a fresh OTC drug policy for India.

The Indian OTC drugs market is projected to grow from approximately ₹55,600 crore in 2024 to ₹72,800 crore by 2029, at a compound annual growth rate (CAGR) of 5.39%, according to Mordor Intelligence, a market research and advisory firm.

“While self-medication is often seen as convenient and cost-effective, it carries serious risks, such as adverse reactions, dangerous drug interactions, and the worsening of undiagnosed conditions,” Dr Ajay Agarwal, Senior Director of Internal Medicine, Fortis Hospital, Noida, tells Business Today.