Over the Counter Products, an alternate choice for Pharma

Complexity of Pharmaceutical supply chain has caused the industry to look to areas that have a promising future and are different from their traditional competencies. One of the important sectors in this space includes Over the Counter (OTC) drugs; a market that is expected to be more than USD 85 billion in 2014 and growing at a CAGR of 5% annually. Within OTC drug market, a forerunner in terms of expected lucrative gains is Nasal Sprays derived from Sea Water. The increasing focus of OTC and pharmaceutical players in this area would indicate that Healthcare Service providers are interested in non-healthcare sectors which promise high ROI and low investment. With increasing incidences of cold, allergies and flu, the sales of over the counter cold, flu medication is growing. There are several products in the market ranging across tablets, syrups, lozenges to nasal spray. Of late, nasal spray has seen increased adoption, as it is non-drip, provides instant relief and doesnï¾Ãƒâ€šÃ‚Æ’??t induce sleep making them most versatile solution to runny noses and rhinitis. Paper intends to throw light on how a shift in focus to non-healthcare products such as nasal sprays can be an ideal platform for Healthcare giants looking to cushion product recalls, failures and other challenges that Pharmaceutical Industry faces. Paper also introduces other avenues such as private labeling, contract manufacturing or OEM services that individual Pharma companies can use to venture into this lucrative market. More importantly, the paper discusses the potential risks and challenges associated with each of these sectors.