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OTC Pharmaceuticals Market Report
Key Note Publications Ltd, May 2004
In 2003, the OTC (over-the-counter) pharmaceuticals market was valued at £1.83bn, which represents an increase of 3.8% on 2002. The rate at which the market was growing decreased in 2002, but this was largely due to the abolition of Resale Price Maintenance (RPM) on OTC pharmaceuticals in 2001, which prompted multiple retailers to offer key, best-selling brands at permanently low prices.
OTC pharmaceuticals fall into two broad categories: pharmacy-only (P) products and general sales list (GSL) products. The range of OTC product sectors has grown in line with market trends and as a result of the broadening range of pharmaceuticals that have been approved for sale on an OTC basis. Currently, the main sectors are analgesics (pain relievers),
cough/cold/sore throat treatments, skincare treatments and gastro-intestinal products, while other sectors include vitamins and minerals, smoking cessation products, hay fever remedies, eye care treatments, sleeping aids and medicated mouthwashes/sprays.
The largest sector, analgesics, has been most markedly affected by price-discounting practices, although this was offset, to some extent, by new product innovations, such as user-friendly methods of drug delivery and products for defined uses/patient groups.
Sectors that have seen above-average growth in recent years include smoking cessation products, hay fever remedies and medicated mouthwashes/sprays. Sales in these areas were fuelled by products being reclassified from prescription-only medicines (POMs) to OTC status or from P to GSL status, thereby increasing the availability of these products.
Government policies aimed at curbing expenditure on the NHS have sought to promote self-care and the use of OTC pharmaceuticals for self-medication. Recent legislative changes have been designed to speed up the process of reclassification from 'prescription pharmaceutical' to OTC status and to enable a wider range of pharmaceuticals to be made available for retail sale. Prompted by such legislation, pharmaceutical manufacturers are expected to increase their involvement in the OTC sector as they face the expiry of their patents on prescription pharmaceutical brands and the subsequent loss of revenue associated with this.
We forecast limited value growth for this market in the immediate future, reflecting the maturity of many of the sectors and the fact that multiple retailers will continue to keep retail prices low. On a more positive note, there remains significant potential for new brand developments, as products are delisted from P status and as new sectors are developed.
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