Latin American OTC pharmaceuticals market growth driven by the switch from prescription to OTC drugs
OTC Pharmaceuticals Market in Latin America 2014-2018 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-11 10:13:01
The OTC Pharmaceuticals Market in Latin America market is forecast to grow at a CAGR of 14.54 percent over the period 2013-2018. One of the key factors contributing to this market growth is the increasing switch from prescription to OTC drugs. The OTC Pharmaceuticals Market in Latin America has also been witnessing the some key increased outsourcing of drug development activities. However, the stringent regulations are expected to pose a challenge to the growth of this market.
Key vendors dominating this space include Bayer HealthCare AG., EMS S.A., Hypermarcas S.A., and Novartis AG.
Other vendors mentioned in the report are Boehringer Ingelheim GmbH., Genomma Lab Internacional SAB., GlaxoSmithKline plc., Johnson & Johnson, Pfizer Inc., and Takeda Pharmaceutical Co. Ltd.
The following companies represent the key players in OTC Pharmaceuticals Market in Latin America: Bayer HealthCare AG., EMS S.A., Hypermarcas S.A., and Novartis AG.
The development and manufacture of drugs is a complex and time-consuming process, and it requires huge financial investments. As many vendors are facing the problem of declining venture capital investments, they are increasingly following the strategy of outsourcing. Certain vendors outsource different parts of the R&D process (such as product characterization testing and toxicology testing) to contract research organizations. Similarly, certain vendors are outsourcing part of their manufacturing process, or even the entire manufacturing process, to various organizations. Thus, outsourcing is one of the main trends in this market at present.
One of the major drivers is the increasing switch from prescription to OTC drugs, which increases the number of OTC drugs available.
Further, one of the major challenges in the market is the stringent regulations posed by regulatory bodies such as AgÃªncia Nacional de VigilÃ¢ncia SanitÃ¡ria, Brazil. Product recalls negatively affect a company´s image, resulting in customers opting for other products available in the market, which leads to a fall in sales.
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