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Analyzing Consumers' Perception of OTC Drugs in India
Aruvian's R'search, March 2008, Pages: 30
The Indian Pharmaceutical Industry today is in the front rank of India’s science-based industries with wide ranging capabilities in the complex field of drug manufacture and technology. A highly organized sector, the Indian Pharma Industry is estimated to be worth $4.5 billion, growing at about eight to nine percent annually. It ranks very high in the third world, in terms of technology, quality and range of medicines manufactured. From simple headache pills to sophisticated antibiotics and complex cardiac compounds, almost every type of medicine is now made indigenously.
The rapid proliferation of drugs being switched from prescription (Rx) to over-the-counter (OTC) status has raised a number of important consumer behavior issues. This has led marketers to wonder how consumers’ health care preferences might change. A consumer is likely to visit his/her physician or self-medicate symptoms of heartburn and indigestion with a new switch drug? The benefits of OTC drugs outweigh their risks. The potential for misuse and abuse is low. Consumers can use them for self-diagnosed conditions. They can be adequately labeled and health practitioners are not needed for the safe and effective use of the product.
Aruvian Research brings an in-depth study which is an attempt to identify the factors that affect the Indian consumers in their choice and selection of OTC pharma products.
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