Mumbai-based Allmpus Laboratories is one of India’s leading research-based pharmaceutical companies, looking to enter the OTC market in the post-Covid world. The move will steer the enterprise into the new market, fulfilling the rising demand for OTC products amongst Indian consumers.
According to reports, the OTC drug market in India stood at US$ 6.38 billion in 2019, with an estimated CAGR of 19.4%. By 2024 the market is expected to reach US $ 15.48 billion. With the sentiment of self-sufficiency running strong in the country and anticipated positive growth may happen sooner than expected.
Factors like unhealthy dietary habits, lifestyle diseases, rising fear of Covid-19, and the unavoidable need to build immunity have contributed to the spiraling demand for over the counter(OTC) products in India.
Furthermore, behavioral changes in society with more health-conscious consumers and their changing attitudes towards self-medication also act as catalysts in the increasing demand. India pharmaceutical companies are inclining towards OTC drug production in the coming future.
According to the press release, Allmpus Laboratories carry out extensive R & D to develop new medical essential products while mustering production strength to make them available on a large scale during the post-pandemic time.
Atish Rodge, managing director, Allmpus Laboratories, said, “India is the 11th largest OTC drug market globally and perhaps the one with the most potential. The increasing health expenditure in the country further contributes to its scope. We at Allmpus are focused on capitalizing on the opportunity and competing with other companies with our quality OTC products that add value to Indian consumers’ lives”.
“As the country becomes more aware of lifestyle diseases, more and more OTC products will enter the market to create an ecosystem for self-care in India,” added Rodge. These common factors make India the most compelling market across the globe for OTC products.