The China Over the Counter Drugs was worth USD 18.24 billion in 2016 and estimated to reach USD 24.78 billion by the end of 2021 with a growing potential of 6.32%. China OTC Pharmaceuticals Market accounts for 33.4% of total Asia-Pacific OTC market.
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The term ‘’Over the counter’’ mentions to pharmaceuticals, that are bought without any prescription over the counter. The OTC medicine market in China was characterized by a late start, but accounts for the fastest growth, along with a huge potential in comparison to that of the mature western countries OTC markets. OTC drugs sales accounts to 16.8% of total pharmaceutical sales.
The Chinese economy continues a high-speed growth which has been stirred by the successive increase of consumer consumption, import & export, industrial output and capital investment for over two decades. The aging population will trigger higher demand for health facilities, since the elderly population has weaker immune systems, resulting in high incidence of sickness. Currently, elderly population generates 40 to 50 percent of the OTC drug market.
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Major factors that are driving the growth of the market are growing healthcare expenditure internally, increased manufacture and export, improvement and government investment for better healthcare. The factors that are restraining the growth of the market are Competition in china is key to a fierce among the Major companies, which are seeking to penetrate the market. Intricate knowledge of the region and pricing will decide who gets a head, whereas new comers face increasing risks, the government has implemented an ambivalent attitude towards OTC Products and is unwilling to promote self-medication.
The China Over the Counter Drugs Market is broadly categorized by Formulation type - Tablets, Liquids, Ointments, Sprays, by Product type - Cough and cold Flu drugs, Analgesics, Dermatologics, Gastrointestinal Drugs, Antiseptics, Anti-allergy drugs, Smoking Cessation Aids, Vitamins and Minerals, Ophthalmics, sleep aids, Weightloss/diet drugs and others(Ear Drops & Diuretics), by distribution channels - Pharmacies/Drug Stores, Supermarkets/Hypermarkets, convenience stores, others ( online drug stores ).
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Some of the key players that are operating in china OTC Pharmaceutical market are - Harbin Pharmaceutical Group, Jiangzhong Pharmaceutical Co., Ltd, Renhe (Group) Development Co., Ltd, Tianjin SK&F Pharmaceutical Co., Ltd, Wyeth Pharmaceutical, Xi'an-Janssen Pharmaceutical, Yangtze River Pharmaceutical Group, Yunnan Baiyao Group Co., Ltd, Zhejiang Conba Pharmaceutical Co., Ltd, GlaxoSmithKline, Bayer Beijing, Novartis.
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