Demand for OTC Pharmaceutical Drugs Soars Amid COVID-29 Pandemic as the Lockdown Continues, Says PMR
Date : Apr 27, 2020 Author : PMR Editorial Staff Category : Healthcare
As the COVID-19 pandemic continues, almost all the sectors are feeling the heat. The pharmaceutical sector has emerged as one of the segments unlikely to witness any strain during the pandemic.
As the COVID-19 pandemic continues, almost all the sectors are feeling the heat. The pharmaceutical sector has emerged as one of the segments unlikely to witness any strain during the pandemic. The test and trials for the cure of COVID-19 have amplified the production and manufacturing capacities in the pharmaceuticals market. Governing authorities have also relaxed their policies to encourage the production of certain medicines. Besides favorable policies, high government funding for the medical and pharmaceutical industry accounts for the blooming pharmaceutical sector. Pharmaceutical companies are changing their business processes to accommodate the rapidly changing market dynamics during the COVID-19 crisis.
Restricted Hospital Visitations Enhance Demand In The Market
Over-the-counter (OTC) medicines are witnessing unprecedented demand amid the corona virus crisis owing to the restricted visitations to hospitals and health professionals. While the long term medications for different ailments such as diabetes and blood pressure continue generating revenue in the market, it is the OTC painkillers that are witnessing an unusual spike in demand. The absence of medical assistance for general physical disorders is paving the way for pain killers as a temporary solution. Demand from community doctors and physicians has also inflated for OTC medicines as they are experiencing a greater influx of patients.
OTC anti-inflammatory medicines such as paracetamol are being used in treating corona virus patients as a test approach. Though uncertainties are surrounding its impact, the initial demand has invigorated the production and manufacturing of these anti-inflammatory medicines.
OTC topical drugs are maneuvering the growth in the OTC pharmaceutical drugs market with a high adoption rate. The absence of any side effect and easy applicability is driving the home-locked population towards it. PMR expects the analgesic tropical drugs for pain relief to generate a major revenue in the market. The fear of contagion is keeping the demographics away from using medicines with health risks.
Prices of many OTC medicines have increased, boosting the revenue in the market. To satiate the growing demand health officials are expanding the supply chain by including new suppliers and manufacturers. Assessing the opportunities in the current market, drug manufacturers are introducing flavors into OTC pharmaceutical products. Attributing to the surge in acceptability rate amongst the children population, the demand for flavored OTC drugs has increased during COVID-19 lockdown.
High Stress Accounts for Increased Consumption of Insomnia Drugs
Different researches indicate a rise in the case of insomnia, stress, and mental health disorders in demographics during the corona virus crisis. Frontline medical practitioners and healthcare providers have surfaced as the most affected community. Such cases are driving the market for OTC insomnia treatment. Moreover, the high rate of the unemployed population is anticipated to face insomnia, further escalating the growth of the OTC insomnia treatment landscape. Amongst all the products, OTC sleep aid such as Unisom sleep gel and natrol melatonin are projected to scale the revenue in the market owing to their high popularity.
Online Channels Generate Major Revenue
E-pharmacies and online stores have attained an important position in the light of restricted outdoor movement and social distancing. Major companies are focusing on strengthening their online presence on different platforms. PMR forecasts online distribution channels to lead the market in revenue generation during and after COVID-19 pandemic.
Government intervention is augmenting the production processes in the market. Organizations such as the US Food and Drug Administration have announced a set of legislation in association with OTC drugs. The law grants new and broader authorities in reviewing and approving of monograph drugs such as acetaminophen. Such initiatives have a major role to play in the changing market dynamics.
In a bid to ensure the continued production of medicines, major pharmaceutical companies are collaborating to enhance the production of highly demanded medicines. The focus has shifted towards the maximum capacity utilization of small and big manufacturers. The lockdown situation along with sealed borders are restricting the import and export of certain OTC drugs, which may face shortage in different regions. Besides restrictions, a rise in prices of many OTC medicines during the COVID-19 pandemic has become a point of concern for the governing authorities. Organizations such as the pharmaceutical Services Negotiation Committee are keeping a close eye on the prices rises and new products in the OTC pharmaceuticals sector.
The relaxed lockdown in China is accelerating the manufacturing of many OTC drugs, paving the way for the continuous supply of these products. In any circumstances, there are chances of OTC drug shortage in the future in case the lockdown and trade restrictions continue.
Report Highlights: Global OTC Pharmaceutical Drugs Market
- Parent market overview
- Latest market trends and developments
- Potential opportunities for revenue
- Strategic assessment of the competition landscape
- Overall performance of the market for any projection period