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OTC Pharmaceuticals Market Report 2010
Key Note Publications Ltd, Feb 2010, Pages: 119
The market for OTC (over-the-counter) pharmaceuticals showed only modest growth in 2008 and 2009, and taking into account the effects of inflation, the value of the market actually declined at some points during the past 5 years. The author estimates that the total market was worth £2.35bn at retail selling prices (rsp) in 2009, having increased in value by 10.2% since 2005. The market is robust and although intrinsic growth remains low year-on-year, it is bolstered by consistent consumer demand, as well as strong brand loyalty for popular OTC remedies.
In fact, consumer enthusiasm for well-known, time-honoured brands, such as Nurofen, Panadol and Strepsils, among others, has strengthened over the review period (2005 to 2009). Despite low value growth in the market as a whole, the pharmaceutical companies that manufacture these powerful brands reaped the rewards of innovation in 2008, achieving strong sales for products that have extended existing ranges. Moreover, globally, companies such as Johnson & Johnson and GlaxoSmithKline are seeking to extend the reach of their brands to developing markets in areas such as India, the People's Republic of China (PRC) and Central America.
It is rewarding when companies generate consumer interest for new variants to cold and flu remedies and popular analgesics, and these companies still rely strongly on television advertising to communicate powerful messages about the effectiveness of their brands. It is more difficult to develop new and genuinely different OTC products. In 2008, GlaxoSmithKline succeeded in gaining European approval to market alli across all 27 EU member countries as the first licensed weight-loss treatment available without a prescription. The product was launched in the UK in April 2009, backed by a multi-million-pound marketing and product-information investment, but it remains to be seen how successful the venture will be (especially as, in the US, initial enthusiasm for the treatment waned after the first year [2007], as consumers reported unpleasant side effects).
Pharmacists in the UK remain keen to see the range of OTC medicines available broadened, particularly in terms of the number of prescription-only medicines (POMs) switched to OTC status. The number of products switched increased over the review period, but pharmacists are still hampered by legislation that allows only low dosages of these medicines to be available over the counter. For a truly effective dosage to treat many conditions, consumers still need to make an appointment with their general practitioner (GP).
Also impeding demand for OTC products is the fact that a large proportion of consumers are eligible for medicines that are free through the NHS. Eligibility for free prescriptions has grown in recent years, and prescription numbers have also risen. Despite a genuine desire among all shareholders to shift the responsibility of treating minor ailments away from GPs, not enough people are consulting pharmacists and self-medicating to make a real difference to the health system or the OTC market.
Based on these trends, the authors forecast that year-on-year growth in OTC pharmaceuticals will remain modest over the 5 years to 2014.
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