Dynamics of Over-the-Counter (OTC) Products in the Indian Pharmaceutical Sector
DOI:
https://doi.org/10.64137/31079423/IJEBMR-V2I3P115Keywords:
Pharmaceutical, Pharma Sector in India, OTC, Pharma MarketingAbstract
The world of manufacturing is certainly the backbone of almost any economy. The Indian manufacturing sector is steadily emerging as a key pillar of the economy, contributing around 17% to GDP and targeting a rise in manufacturing's GDP share to 25% by 2035. (15) One of the premier global industries is the pharmaceutical industry. It has a wide range of scope, from over-the-counter (OTC) products to life-saving drugs to medical equipment. According to estimates made as of 2024, the OTC market in India was valued at approximately 47,000 crore (US 5.7 billion) and is expected to continue this growth path with a projected compound annual growth rate (CAGR) of about 13% until 2030. (17). The importance of the Pharma Industry can be realised from the fact that Medical Education at large includes a separate section as Pharmaceutical Education, and this premium education experience builds the base for Pharma Product manufacturing, including OTC products. The Research Article on Dynamics of OTC Products served by the Pharmaceutical Sector in Indian Context is a descriptive study conducted with the help of secondary data. The authors aim to understand the dynamics of OTC products served by the pharmaceutical sector in the Indian Context. The study further aims to gather the challenges faced by Pharma Sector Companies towards their OTC Products. The study encapsulates the domain of the pharmaceutical industry. The coverage of the industry at large and no specific study for regional dominance or a specific set of products in the OTC category form the limitations of the study.
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