Over the Counter Drugs Market Overview
Over the counter drugs are primarily used to treat conditions that do not require direct consultation of a doctor. The strong growth of over the counter drugs is anticipated due to the increase in healthcare industries and growth in the investment of government to develop healthcare industries. Additionally, the over-the-counter drugs market in countries such as India, China, and Brazil are proliferating owing to the increase in awareness among the population about the use of over the counter drugs to treat negligible health issues. Furthermore, changes in cultural attitudes regarding self-medication required for minor health problems, affordability of over-the-counter drugs, savings enabled by the usage of over the counter drugs, the convenience of direct purchase, high adoption and acceptance in developing markets, and innovations and developments in the global pharmaceutical drugs industry are other factors driving the growth of over the counter drugs.
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How to Identify Market Opportunity In 8 Steps
In today’s business environment, sustaining profitability and growth is never a guarantee. Technological and scientific developments shorten the life cycles of products and services. Moreover, business models are changing and new competitors are appearing from outside the industry. This constant instability makes it necessary to seek new business opportunities. To categorize market opportunity, a company’s business model must be assessed by classifying consumers and other factors such as direct and indirect competitors, brand value propositions, existing regulations, supply chains, and the general environment. Here are 8 steps to identify market opportunities:
Direct competition analysis
Indirect competition analysis
Purchase situation analysis
Analysis of other industries
Analysis of complementary products and services
Foreign markets analysis
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The client – is an American multinational pharmaceutical corporation headquartered in the United States.
As over the counter drugs development involves huge costs, the company needed to ensure demand for the drug when it’s launched. Additionally, the client was facing challenges in terms of the launch of new classes, increased competition from existing and new players, advanced molecules and formulations, products seeking secondary indications. These market events had significantly impacted the development/ positioning of the client’s products.
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With the help of Infiniti’s market opportunity assessment framework, the client – a leading over-the-counter drugs manufacturer identified key competitors, their products, active ingredients, regulatory timelines, technologies employed, routes of administration, indications sought, and plan positioning. Our market opportunity assessment framework also helped the client in evolving better management guidance and decision making. Furthermore, the market opportunity assessment framework consisted of:
The competitive landscape: A holistic view of their pipeline and launched products in various indications of interest, along with their “developmental-phase-wise depiction”, in a geography wise manner was provided to the client
The key competitors: Gave the client a fair idea of the products they would face chief competition from in the coming years
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