The rising preference for OTC drugs over prescribed drugs and other major driving factors is expected to favor the rise in the global Rx-to-OTC Switches market
Reports and Insights has published a new report titled, “Rx to OTC Switch Market: Opportunity Analysis and Future Assessment 2022-2030”
Global Rx-to-OTC Switches Market, By Drug Category (Allergy and Respiratory, Fungal Infections & Other Infections, Overactive Bladder, Oral Contraceptives, Gastrointestinal Drugs, Hair Loss Treatments, Smoking Cessation, Analgesic, Inflammation And Pain Management, Others (Lice, Acne, Weight Loss, And Laxative)), By Distribution Channel (Retail Pharmacies, Hospital Pharmacies, Drug Stores, Online Pharmacies) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2022 and 2030.
An Rx-to-OTC switch characterizes the approach by which an sanctioned prescription (Rx) drug product obtains non-prescription, OTC status in the United States. In this outline, a product is primarily marketed as a prescription product. These approvals signify a whole trend springing with the US FDA – a drive to make an extensive scale of non-prescription drugs accessible to consumers over the counter. This shift indicates a yearning from the agency to authorize patients and possibly lessen the financial load of unneeded doctor's visits on the healthcare system. One effective way in which OTC products are being made more accessible is through the rapid rise of Rx-to-OTC switches. More than 700 products have made the switch from Rx to OTC over the past multiple decades, but recent years have observed an upturn.
The soaring preference for OTC drugs over prescribed drugs all across the global markets is primarily driving the growth of the global Rx-to-OTC switches market. In addition to that, the growing demand for accessible and diverse treatment alternatives is further projected to offer a major breakthrough to the global Rx-to-OTC switches market in the following years.
Moreover, there are a number of factors an organization is likely to desire to switch from Rx to OTC, but life span extension is the one of the most common. Notably, when a branded pharmaceutical product addresses patent expiration, it by and large observes considerable competition from generic manufacturers. Owing to which, the global Rx-to-OTC switches market is estimated to witness significant growth over the coming years.
Reports and Insights Study identifies some of the key participating players in the Rx-to-OTC switches market globally are GlaxoSmithKline plc., Astrazeneca, Merck KGaA. Johnson & Johnson, Bayer AG, Sanofi, Boehringer Ingelheim Consumer Healthcare, Bausch and Lomb (A Subsidiary of Bausch Health), Galderma SA, Alcon, Arbor Pharmaceuticals, among others.
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