OTC drug market to touch US$ 6.6 billion by 2016
With the increasing reach in rural markets, the OTC market in India is set to rise.
New Delhi, October 6, 2014: The over the counter (OTC) drug market in India is expected to register robust growth with pharma companies and chemists increasing their presence in the rural parts of the country.
The OTC drug market in India stood at US$ 3 billion in 2011 and is expected to touch US$ 6.6 billion by 2016. Pharma companies have already increased their spending on rural markets and are developing better infrastructure. The market share of hospitals is expected to increase from 13.1 per cent in 2009 to 26 per cent in 2020.
With increasing penetration of chemists, especially in rural areas, OTC drugs will be readily available. The purported rise of lifestyle diseases in the country is expected to increase the sales numbers of this industry.