29 July 2020 | News
The move will steer the enterprise into the new market, fulfilling the rising demand for OTC products amongst Indian consumers
Mumbai based Allmpus Laboratories, one of India's leading research-based pharmaceutical enterprises, eyes to enter the OTC market in the post-COVID world. The move will steer the enterprise into the new market, fulfilling the rising demand for OTC products amongst Indian consumers.
The OTC drug market in India stood at $6.38 billion in 2019, with an estimated CAGR of 19.4%. By 2024 the market is expected to reach 15.48 billion. With the sentiment of self-sufficiency running strong in the country and anticipated positive growth may happen sooner than expected.
Factors like unhealthy dietary habits, lifestyle diseases, rising fear of COVID-19, and the unavoidable need to build immunity have contributed to the spiraling demand for OTC products in India.
Moreover, behavioral changes in society with more health-conscious consumers and their changing attitudes towards self-medication also act as catalysts in the increasing demand. India pharmaceutical companies are inclining towards OTC drug production in the coming future.
Allmpus Laboratories carry out extensive R & D to come up with new medical essential products while mustering production strength to make them available on a large scale during the post-pandemic time.