Argentine Over the Counter (OTC) Drugs Market to be dominated by Retail Pharmacy through 2028
The increasing awareness about over the counter (OTC) drugs
is expected to drive the growth of the Argentina over the counter (OTC) drugs market
during the forecast period.
According to TechSci Research report, “Argentina Over the Counter
(OTC) Drugs Market - By Region, Competition, Forecast, and
Opportunities, 2018-2028,” the Argentina over the counter (OTC) drugs market is anticipated to grow at
an impressive rate during the forecast period. This can be ascribed to
the rising demand for cost effectiveness with benefits such as accessibility,
cost-effective, empowerment, time saving, and preventive care along with the growing
preference for cost-effective medications among people facing medical issues
across the nation. Additionally, rapid advances in science and technology,
increasing healthcare costs, changes in food laws affecting label and product
claims, burgeoning aging population, and rising interest in attaining wellness
through OTC drugs will escalate the growth of the Argentina over the counter (OTC)
drugs market in coming years. Besides, the emergence of new OTC drugs such as natural
and herbal remedies, personalized medicines, and technology will further
support the growth of the Argentina over the counter (OTC) drugs market during
the forecast period.
However, the
regulation of OTC drugs in Argentina can be complex, and the country has a
strict regulatory framework for pharmaceuticals, which can make it difficult
for companies to launch new products or comply with regulations, thereby
slowing down the growth of the Argentina over the counter (OTC) drugs market during
the forecast period. Similarly, the sales of counterfeit drugs is a significant
challenge in Argentina, which can undermine the quality and efficacy of OTC
drugs and create safety concerns for consumers. Such factors may hamper the growth
of the Argentina over the counter (OTC) drugs market during the forecast
period. Also, consumer education is another challenge faced by the Argentina over
the counter (OTC) drugs market. Many consumers may not be aware of the
differences between prescription drugs and OTC drugs or may not know how to use
OTC products correctly. This can lead to misuse or ineffective treatment,
affecting the overall market potential of OTC drugs, which can further restrict
the growth of the Argentina over the counter (OTC) drugs market during the
forecast period.
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The
Argentina over the counter (OTC) drugs market can be segmented into product
type, route of administration, dosage form, distribution channel, and region.
Based on
dosage forms, the Argentina over the counter (OTC) drugs market can be
segmented into tablets, capsules, liquids & solution,
creams/lotions/ointments, and others. The tablets and capsules segments
dominated the market in 2022 and are expected to continue maintaining their
dominance during the forecast period. This can be ascribed to tablets and
capsules that are easy to use and can be taken with or without food. They can
also be easily carried in a purse or pocket and have longer shelf life compared
to liquid and solutions.
Based on
distribution channel, the market can be segmented into retail pharmacy,
hospital pharmacy, and e-pharmacy. The retail pharmacy segment is expected to
dominate the market during the forecast period as these pharmacies are widely
available and easily accessible to consumers, which makes them a popular choice
for purchasing OTC drugs. In addition, retail pharmacies often provide
additional services such as counseling and advice from pharmacists, which can
help consumers make informed decisions about their health.
Major companies operating in the Argentina
over the counter (OTC) drugs market are:
- Bayer
Argentina S.A.
- Bristol-Myers
Squibb Argentina S.R.L.
- GlaxoSmithKline
Argentina S.A.
- Laboratorios
Bagó S.A.
- Laboratorios
Elea S.A.C.I.F.
- Laboratorios
Roemmers S.A.I.C.F.
- Laboratorios
Sidus S.A.
- Merck
Sharp & Dohme Argentina S.A.
- Novartis
Argentina S.A.
- Pfizer
Argentina S.R.L./Argentina
In 2021, the Argentine pharmaceutical company, Richmond, announced that
it had signed an agreement with the Russian Direct Investment Fund (RDIF) to
produce the Sputnik V vaccine in Argentina. This development will not only
boost the company's production capabilities but also position it as a major
player in the global vaccine market.
In 2020, Laboratorio Elea Phoenix acquired the Argentine OTC drug
company, Prodinvest. This acquisition allowed Laboratorio Elea Phoenix to
expand its product portfolio in the dermatology and OTC categories.
In 2019, Laboratorios Bagó acquired the Argentine OTC drug company,
Ibupirac. This acquisition allowed Laboratorios Bagó to expand its product
portfolio in the analgesics and anti-inflammatory categories.
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“The Argentina
over the counter (OTC) drugs market is expected to grow during the forecast
period due to the rising demand for cost-effective drugs with benefits along
with the growing preference for personalized medication across the region.
Furthermore, the trend of personalized medication is growing, particularly
among individuals with severe medical conditions, where generic treatment is costly.
This will further contributing to the growth of the Argentina over the counter
(OTC) drugs market during the forecast period. Besides, growing concerns about
healthy lifestyles and increasing expenditure on health and wellness are
further expected to create lucrative opportunities for the market growth during
the forecast period,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Argentina Over the Counter (OTC) Drugs Market
- By Product Type (Cough, Cold, and Flu;
Vitamins, Mineral, and Supplements (VMS); Analgesics; Gastrointestinal
Products; Dermatology Products; and Others), By Route of Administration (Oral,
Topical, and Parenteral), By Dosage Form (Tablets, Capsules, Liquid &
Solution, Cream/Lotion/Ointments, and Others), By Distribution Channel (Retail
Pharmacy, Hospital Pharmacy, and E-Pharmacy), and By Region, Competition,
Forecast, and Opportunities, 2018-2028F,” has evaluated the future growth potential of the Argentina
over the counter (OTC) drugs market and provides statistics & information
on market size, structure, and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in the
Argentina over the counter (OTC) drugs market.
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