Latin America Over the Counter Drugs Market: Over-the-counter (OTC) drugs Market, also known as the non-prescription drugs that can be bought without a prescription. Over-the-counter drugs are safe and effective when the consumer follows the directions on the label or as provided by a physician. Over-the-counter (OTC) drugs are primarily used to treat conditions that do not require direct consultation of a doctor. Over-the-counter drugs provide affordable treatment and also help to decrease the workload of physicians. Over-the-counter drugs are easily available in pharmacies. Even though these products are considered as over-the-counter because these are not directly kept on pharmacy counters and must be dispensed by a pharmacist after confirming age, identity, and patient knowledge regarding usage of the product.
Latin America Over The Counter Drugs Market Outlook
Latin America over the counter drugs market is growing at a significant CAGR due to rise in the population. Increase in the adoption of western lifestyles, promotion and marketing initiatives for over-the-counter products, the rise in the healthcare expenditure, and an increase in the geriatric population expected to fuel the Latin America Over The Counter Drugs Market over the forecast period. Furthermore, rise in demand for self-medication with non-prescription drugs, changes in cultural attitudes regarding self-medications required for minor health problems, convenience in the direct purchase, savings enabled by the use of over-the-counter drugs, and developments and innovations in drugs products expected to fuel the Latin-America over-the-counter drugs market. However, competition between the existing market players, more possibilities of substance addiction and abuse, severity and complications involved in the taking of wrong medications due to misdiagnosis and lack of awareness among the rural population in developing and underdeveloped countries might hinder the Latin America over-the-counter drugs market over the forecast period.
The Latin America Over The Counter Drugs Market is segmented on the basis of product type, formulation type, and distribution channel
Based on product type, Latin America Over The Counter (OTC) Drugs Market has been segmented into the following:
- Pain Products
- Cough, Cold and Flu Products
- Vitamins and Minerals
- Gastrointestinal Products
- Ophthalmic Products
- Sleep Aid Products
- Weight Loss/Diet Products
Based on formulation type, Latin America Over The Counter (OTC) Drugs Market has been segmented into the following:
Based on distribution channel, Latin America Over The Counter (OTC) Drugs Market has been segmented into the following:
- Convenience stores
- Online drugstores
The Latin America Over The Counter Drugs Market is in the flourishing stage with several local and international players actively engaged in the launch of new products to increase their market share in the Latin America over-the-counter drugs market. Some of the key strategies followed by various pharmaceutical companies include acquisitions and mergers, collaborations, and technological innovations for over-the-counter drugs. For instance, in February 2013, Reckitt Benckiser, the manufacturer of Nurofen painkillers, paid to Bristol-Myers Squibb about US$ 482 Mn to license a portfolio of Latin American over-the-counter healthcare products. Moreover, in December 2016, Perrigo Company plc received FDA approval for Nicorette over the product and the company plans to launch the product in various countries including Latin America.
Geographically, Latin America Over The Counter (OTC) Drugs Market segmented into the following countries such as Brazil, Mexico, Chile, Argentina, Venezuela and Rest of Latin America as these are the largest pharmaceutical markets in the region. Brazil Over The Counter Drugs Market holds the largest share, which is attributed to highest population among all Latin American countries, increase in awareness regarding the over-the-counter drugs. OTC drugs such as analgesics and contraceptives are commonly used in the Brazil. In Argentina, it is very common that a citizen can buy antibiotics without a prescription. Increase in population, advertising and marketing regarding the over-the-counter drugs, and ease of availability of over-the-counter drugs expected to fuel the Latin America over-the-counter drugs market over the forecast period.
Some of the players in Latin America Over The Counter (OTC) Drugs Market are Novartis AG (Switzerland), Pfizer, Inc. (U.S.), Valeant (Canada), Perrigo Company plc. (U.S.), Sanofi-Aventis (France), GlaxoSmithKline plc. (U.K.), Johnson & Johnson Services, Inc. (U.S.), Bayer AG (Germany), Takeda Pharmaceuticals company Ltd. (Japan), Teva Pharmaceutical Industries Ltd. (Israel), Bristol-Myers Squibb (U.S.), and Reckitt Benckiser Group plc (U.K.) to name a few.
- In September 2017, Isodiol International Inc. planned to launch OTC products in the Latin America region
- In May 2014, Bayer acquired the consumer care business of Merck & Co., Inc., in Latin America and North America regions
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