The Over-The-Counter Drugs Market Is Gaining Major Traction With Glaxosmithkline Plc Receiving The U.S. Food And Drug Administration (FDA) Approval For Three Over-The-Counter (OTC) Drugs

 Over-the-Counter Drugs are medications sold directly to the consumer without a need for a physician's prescription, rather than prescription drugs, which can only be provided to medical users possessing a valid prescription from a health care provider. They are generally accessible to anyone over the age of eighteen and can generally be purchased over-the-counter. Common over-the-counter drugs include aspirin, acetaminophen, ibuprofen, naproxen, and indomethacin. One of the key reasons behind the massive penetration of OTC drugs is product innovation. Pharmaceutical companies are focused on continuous research and development activities, in order to launch novel products. Recently, in January 2021, Hamdard Laboratories launched 12 OTC medicines that will help boost immunity. Similarly, in April 2021, Bal Pharmaca launched its first OTC product Eye Spa. Thus, factors can potentially augment growth of the over-the-counter drugs market.

Another key factor governing the development of the market is a favorable regulatory framework. Regulatory agencies in many countries have increasingly approved over-the-counter drugs for common headaches, colds, stomach aches, and many more. Such factors can stimulate growth of the over-the-counter drugs market in the near future. Recently, in February 2020, GlaxoSmithKline plc received the U.S. Food and Drug Administration (FDA) approval for three over-the-counter (OTC) drugs indicated for arthritis pain, red eyes, and itchy eyes.

Aspirin is available in different strength and concentration levels, depending on the amount of pain you wish to relieve. Common lower strength versions of aspirin include the generic form of aspirin and the trade name Ultram for pregnant women. Aspirin is available in different strength and concentration levels to treat various diseases, including headache, heart disease, and ulcers. When it comes to regional impact, North America seems to be gaining significant traction in the over-the-counter drugs market since there is a leading trend among pharmaceutical companies to switch from Rx to OTC drugs. On the contrary, Asia Pacific is exhibiting promising signs with rising awareness among people regarding OTC medicines.

There are many other types of over-the-counter medications available throughout the U.S. Many people prefer to purchase these types of medications over-the-counter, because they do not require a prescription, and they are more affordable than prescription medicines. Some of these over-the-counter treatments can be used as preventative care for some conditions such as diabetes. However, there are certain factors that could leave a negative impact on the development of the market. For instance, there has been reported incidence of substance abuse, which remains one of the major hurdles. Besides, lack of awareness in rural areas could potentially impede growth of the over-the-counter drugs market.