Over-the-counter Drug Market in India: A Study to understand the Current Regulatory Perspective and Industry Dynamics
Self-medication is on the rise in India. This is due to various reasons that are connected to the environment, demographic factors, changing consumer lifestyles, government policies, and strategies of the pharmaceutical industry. There has been a significant increase in the number of over-the-counter (OTC) products introduced in the health care market in India. On the regulatory front, the government is trying to consider legal recognition to the OTC category of drugs which currently do not have any legal recognition. Over-the-counter drugs in India can be advertised in media unlike some categories of the prescriptiononly drugs which are totally prohibited. The OTC drugs require a sales license except some drugs in Schedule K, which are categorized as household remedies. However, Ayurvedic drugs in India do not require a sales license and therefore, can be sold freely. It is expected that the regulatory policies would undergo changes initiated by the government in the near future.