Russia Over The Counter (OTC) Drugs Market Analysis

The Russia Over The Counter (OTC) Drugs Market size stood at around xx Bn in 2023 and is projected to reach US $xx Bn by 2033, exhibiting a CAGR of xx% during the forecast period.

The Russia Over The Counter (OTC) Drugs Market Analysis Executive Summary

Over The Counter (OTC) Drugs are medicines that are sold to consumers without the need for a prescription from a healthcare professional. Some examples of these products are nutritional supplements, analgesics, laxatives, sleep aids and antipyretics.

According to the U.S Pharmacist, 53.8% females and 46.2% males use OTC medications.    OTC drugs are easily available and often times cheaper than their prescription counterparts. These factors have made these products quite popular among consumers. 

Russia Over The Counter (OTC) Drugs  Market Dynamics

Market Growth Drivers

The major drivers of this market that are expected to propel this market forward are the accessibility and affordability of these products. Retail pharmacies have become more popular in many regions, particularly in developing countries which has allowed consumers to easily access affordable OTC drugs in many locations. This has led to exponential growth of this market and will continue to foster market growth. 

Opportunity

There is an opportunity for companies in this market to create novel products that target the growing geriatric community and also to add products that are plant based into their product portfolios. As of 2050, there will be over 2.6 billion geriatric people. This consumer base is highly susceptible to infections and disease as they have weakened immune systems and can greatly benefit from OTC drugs  products that are easily affordable. Additionally there is a growing trend among consumers of moving toward plant based diets and products. Products that do not contain any animal by-products have the opportunity to be very popular among these consumers. 

Market Restraints

A major restraint of this market is the rampant drug abuse of OTC drug products. According to the Substance Abuse and Mental Health Services Administration in 2020, 1.6 million people between the ages of 12 and 25 have misused OTC medications in the US. Abuse of these medications can lead to a variety of adverse effects which will hinder market growth. 

Competitive Landscape for Over The Counter (OTC) Drugs  Market in Russia

Key Players

• Bayer AG 
• Boehringer Ingelheim International GmbH
• Dr Reddy’s Laboratories 
• GSK
• Johnson & Johnson Services Inc
• Novartis AG
• Perrigo Company PLC
• Sanofi S.A
• Reckitt Benckiser Group PLC
• Takeda Pharmaceutical Company Ltd

Recent Developments

In March 2022, Perrigo Company PLC announced that it received the final approval for its OTC use Nasonex 24hr Allergy from the United States FDA. 

Mergers and Acquisitions

In July 2022, RLG Limited partnered with AFT Pharmaceuticals to launch a range of OTC drugs through the online marketplace Tmall Global. 

In June 2022, Glenmark Pharmaceuticals acquired a portfolio of OTC abbreviated new drug applications from Wockhardt. 

Healthcare Policies and Regulatory Landscape for Over The Counter (OTC) Drugs Market in Russia

OTC Drug products are considered pharmaceutical drugs in most regions, so they must meet the safety requirements, labelling standards and product certifications set out by the various regulatory bodies. Although laws around OTC drugs may be similar across continents, they are not identical and this makes launching products simultaneously in different countries difficult.  Additionally all health claims made about OTC Drug products must be substantiated by scientific proof in order for companies to get approval to launch their products.