Dallas, TX (PRWEB) September 21, 2013
Since OTC drugs are mainly used by consumers without a physician’s prescription in treating certain common ailments which are easy for self-diagnosis and self-treatment, the structure of their terminal market is relatively stable. The Top 4 categories of OTC drugs in Chinese market include cough and cold medications and anti-allergic agents, recuperated drugs, vitamins and minerals and tonic drugs as well as febrifuges and painkillers. The features of OTC drugs determine that this industry has low technical barriers and low entrant requirements. As a result, in China, there are many OTC drug manufacturing enterprises, most of which are small and medium enterprises with insufficient capital and non-advanced techniques. Besides, the homogeneity of the products is serious so that it is difficult to establish brand images.
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Compared with that of countries with advanced medicine levels, China OTC drug industry is featured by late start, fast growth and huge potential. According to this research, with a CAGR of over 18% during the period from 2000 to 2012, the market scale of China OTC drug industry exceeded CNY 170 billion in 2012.
With the increase in chronic disease incidence rate and residents’ healthcare consciousness, consumers purchasing OTC drugs will become a universal phenomenon and its market demand will be continuously expanded. Meanwhile, in order to ease the stress exerted by the shortage of expenditures on healthcare, Chinese government is supposed to put forward new policies to support OTC drug market, to accelerate OTC drug transition, to increase OTC drug market share and to help China OTC drug industry to enter into a stable growing stage.
The OTC drug industry is featured by obvious brand consumption. Therefore, famous brand products occupy the mainstream market, while those less famous brands is difficult to sell. They can only make up market vacancy by virtue of uniqueness or occupy market by regional advantages. With the standardizing development of domestic OTC drug market and the increase in residents’ healthcare consciousness, the competition focus will be inevitably conversed from quality and price competition to brand and service competition. The increase in industry brand barrier makes it difficult for generic drug enterprises to build up brand images. There is an obvious trend on industry differentiation. Therefore, brand enterprises will become the biggest beneficiary in expanded OTC market.
With the development of China OTC drug industry, Chinese medicine retail terminal has rapidly risen to the major sales channel of OTC drugs. With drugstores catenation, the bargaining ability of downstream industries has been improved and brand co-operation has become the inevitable choice for the market. Famous brands give great support to the terminal market, while those less famous brands, jointed with the famous brands, make great efforts to coordinate the profit distribution in the entire industry chain so as to leave enough profit-earning opportunities for the retail terminals.
It is predicted by CRI that the switches between Rx and OTC products, the increasing trend of aging population in China and the increase in rural residents’ incomes will become the major driving forces for the development of China OTC drug market. It is also estimated by CRI that the CAGR of China OTC drug market scale will maintain above 15%, which indicates that China will become the key OTC drug market in the world.
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