Rx-to-OTC switches refer to the transition from proven prescription drugs to nonprescription, OTC status. According to a report by Future Market Insights (FMI), the global Rx-to-OTC switches market was valued at US$ 33 Bn in 2020 and is predicted to expand at a CAGR of over 5% during the forecast period (2021–2031).
Scientifically, it is a rigorous and highly regulated process that allows consumers to purchase OTC access to a growing range of medicines. For a medicine to be granted under OTC status, it must comply with the regulatory standards associated with its efficacy, have a wide safety margin, and bolster labelling to ensure proper usage of the product.
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The increasing prevalence of diseases with common self-treatable symptoms, such as cold and flu, headaches, allergies, and others has fuelled the demand for OTC drugs. Thus, growing sales of nonprescription drugs have pushed pharmaceutical companies to focus on Rx to OTC switches to meet customer needs thereby gaining high revenue in the market.
It was observed in 2020, Rx-to-OTC activity was driven by growing regulatory approvals and increased OTC sales. The COVID-19 outbreak has restricted patients to visit hospitals and clinics suffering from common illnesses. Consequently, delays in prescribed medication have shifted the customer preference towards the OTC drug consumption. As a result, the COVID 19 outbreak bolstered the demand for OTC products, which in turn has supported the adoption of Rx-to-OTC switches.
The Food and Drug Administration (FDA) introduced the non-prescription safe use regulatory expansion (NSURE) panel in 2013 that has supported a new wave of Rx-to-OTC switches, with a focus on creating conditions for switches in new therapeutic classes.
The introduction of the panel aimed to promote switches which had gained consumer attention, which in turn has aided the demand for the OTC drugs in the market.
Key Companies Profiled
- GlaxoSmithKline plc.
- Astrazeneca, Merck KGaA
- Johnson & Johnson
- Bayer AG
- Boehringer Ingelheim Consumer Healthcare
- Bausch and Lomb (A Subsidiary of Bausch Health)
- Galderma SA
- Arbor Pharmaceuticals
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Key Questions Answered in the Report
- How much is the Rx-to-OTC switches market worth?The Rx-to-OTC switches market will be worth US$ 35 Bn in the year 2021 and is expected to reach US$ 58 Bn by 2031 owing to growing demand for OTC over prescribed drugs.
- What will be the sales forecast of the Rx-to-OTC switches market?Response: The Rx-to-OTC switches market is estimated to grow at a CAGR of 5.3% during the forecast period with an estimated Rx-to-OTC switched products revenue accounting more than US$ 58 Bn in 2031.
- What was the last 5-year CAGR in the Rx-to-OTC switches market?Historically, the market has grown at a CAGR of 1.5% in the last 5 years, between 2016 and 2020.
- What are the key trends of the Rx-to-OTC switches market?Altering the dosage form of the prescribed drugs to extend its life-cycle, offering patient centric products with increased customization, higher approval for the modified products to treat new indications, and adoption of strategic agreements by key market leaders are some of the key trends adopted by the manufacturers.
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Key Takeaways from Rx-to-OTC Switches Market Study
- Allergy and respiratory drugs are anticipated to gain a revenue share of more than 25% with a CAGR of 5.7% owing to the rising prevalence of lifestyle-based ailments.
- Retail pharmacies are anticipated to grow at a CAGR of 5.1% over the forecast period owing to the rise of e-commerce and the procurement of cost-effective medicines.
- The U.K. holds the lead in Europe, holding a share of over 33% owing to the implementation of favorable government policies.
- The U.S. will account for over 77% of the North America market by 2031, supported by a matured healthcare and pharmaceutical sector and favorable reimbursement policies.
- China is the largest and fastest growing market in East Asia estimated to account for close to 49% of the global market, owing to the country’s large-scale pharmaceutical requirements.
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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