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OTC Pharmaceuticals Market Assessment
Key Note Publications Ltd, Jan 2000
In the UK, along with the rest of the developed world, the combined pressures of an ageing population, rising healthcare costs and increasing expectations are straining the various healthcare services to breaking point. Consequently, the Government has been keen to foster self-medication, where possible, in an effort to save money and time as well as maximising convenience for the consumer. The market for over-the-counter (OTC) pharmaceuticals in the UK is still emerging when compared to the well-developed markets of the US, but it is catching up rapidly.
Increasing numbers of former prescription pharmaceuticals are being admitted to both the Pharmacy only (P) and the General Sales List (GSL) and deregulation has created rapidly developing markets in an increasingly broad spectrum of retail outlets, particularly supermarkets. In spite of deregulation, the market remains subject to a high degree of regulatory supervision and control with limits to pack sizes in many products and requirements on packaging, advertising and information provision.
The market is complex and composed of a number of different market sectors, the largest of which is analgesics and pain relief, which in the year 2000 is estimated to comprise 23% of the total market, closely followed by cough, cold and flu remedies at 22%. In the year 2000, the highest growth was seen in hayfever remedies at 22% followed by smoking cessation aids at 15%. In 1999, the total UK market for OTC pharmaceuticals was worth £1.54bn, growing by almost 7% to reach an estimated £1.65bn in the year 2000.
Demand and growth are difficult to predict for this market as the individual sectors are subject to a high degree of variation. Certain sectors such as colds, coughs and flu are seasonal and dependent on a variety of environmental factors, such as the climate and incidence of disease, others such as vitamins and minerals are sensitive to public opinion and media-generated interest.
The market is dominated by global pharmaceutical companies such as SmithKline Beecham, Roche, Pfizer and Warner Lambert or diversified consumer healthcare companies such as Reckitt Benckiser (Reckitt and Colman) and Procter and Gamble. Many of these companies have recently undergone mergers or acquisitions, most notably GlaxoWellcome and SmithKline Beecham which is due for completion at the end of 2000 and Pfizer and Warner Lambert. Many of these mergers combine enhanced prescription product pipelines with enlarged consumer product divisions. Other companies such as the Boots Company combine significant manufacturing, distribution and retail capabilities - an advantage when the market and its retail outlets are so complex, diversified and widely dispersed.
As part of this report, Market Assessment commissioned an exclusive market research survey from National Opinion Poll (NOP) Solutions in order to examine consumer usage of OTC Pharmaceuticals. The most widely used OTC pharmaceutical was the analgesic Paracetamol, although use had fallen from previous surveys, perhaps as a result of competition or concern over side effects.
Market Assessment forecasts that the total market for OTC Pharmaceuticals will rise by between 8% and 9% annually over the next five years reaching £2.46bn by the year 2005. Key drivers for the market will be the increasing numbers of prescription products moving into the OTC market, deregulation and expansion of retail availability of the products and also the outcome of the current hearings to determine the fate of Resale Price Maintenance (RPM) and its effect on retail distribution.
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