Israel Over the Counter (OTC) Drugs Market to be Dominated by Tablets Dosage Form Through 2028

According to TechSci Research report, “Israel Over the Counter (OTC) Drugs Market- By Region, Competition, Forecast and Opportunities, 2028”, Israel Over the Counter (OTC) Drugs Market is expected to grow with an impressive CAGR during the forecast period. in the forecast period, 2024-2028.  In Israel, over the counter (OTC) drugs can be purchased without a prescription from a doctor, these drugs are typically used to treat minor illnesses and conditions and can be found at pharmacies and drugstores throughout the country. Some common OTC drugs in Israel include pain relievers like aspirin and ibuprofen, antihistamines for allergies, cough and cold medicines, and topical creams and ointments for skin conditions. In Israel, there are certain OTC drugs that are restricted to specific age groups. For example, some cough and cold medicines containing codeine can be sold to people over the age of 18. Additionally, some drugs that are available over the counter in other countries may require a prescription in Israel. Overall, OTC drugs can be a convenient and affordable way to treat minor health issues in Israel.

One factor that can affect the affordability of OTC drugs in Israel is the country's healthcare system. Israel has a national healthcare system that provides coverage for many medical services and treatments, but OTC drugs are generally not covered. This means that patients are responsible for paying for these medications out of pocket. Thus, availability of the over-the-counter drugs in the retail pharmacies and drug stores cuts the extra expense of visiting a physician. However, there are some programs in some places in Israel to help make healthcare more affordable for Israeli residents. For example, some health insurance plans may cover the cost of certain OTC medications or offer discounts on these drugs. Additionally, there are government subsidies available for people with certain chronic health conditions that require ongoing medication. The affordability of OTC drugs in Israel can vary depending on several factors. While these medications are generally less expensive than prescription drugs, it's still important to compare prices and consider different options to ensure getting the best value as the over-the-counter drugs in Israel are comparatively high in price than those available in the other countries.

Self-medication is usually done by using over-the-counter medications or other remedies without the guidance or supervision of a healthcare professional as the drugs used in these condition do not require any prescription or supervision by any physician. There are many reasons of why people are getting more inclined towards practicing self-medication. One of the primary reasons is convenience, as over-the-counter medications are readily available and can be purchased without a prescription. In some cases, people are hesitant to seek medical advice or treatment, either due to cost concerns, time constraints, or a belief that their symptoms are not serious enough to require medical attention. To address this growing trend of self-medication, healthcare providers, and regulatory bodies in Israel and around the world are emphasizing the importance of responsible medication use and seeking medical advice when needed. By encouraging responsible medication use and increasing access to medical advice and treatment, it is hoped that the trend of self-medication can be safely and effectively managed.

E-pharmacies have become increasingly popular in recent years, and they play an important role in the sale and distribution of over the counter (OTC) drugs. One of the primary benefits of e-pharmacies for the sale of OTC drugs is convenience. Customers can easily browse and purchase medications online, often with the option of home delivery. This can be particularly helpful for individuals who may have mobility issues, live in remote areas, or have busy schedules that make it difficult to visit a physical pharmacy. In addition to convenience, e-pharmacies may offer a wider selection of OTC drugs than traditional pharmacies, including international brands and specialty products that may not be available in local drugstores. E-pharmacies may offer discounts and promotions, which can make OTC medications more affordable for customers.

Isrameds is the only international pharmacy with an Israel based that has formally announced its "Lowest Price Guarantee policy" and offers its Over-the-Counter drug sales online to customers worldwide, including those in America. By buying their medications from Israel directly, Americans can save money and support the Israeli economy. With this new online pharmacy, community and advocacy organizations, congregations, and individuals can obtain FDA-approved medications from registered chemists for up to 70% less than U.S. prices while boosting the Israel’s economy because there is no middleman in the transaction.

A free trade agreement between Israel and the United States has existed since 1985. In accordance with the General Agreement on Tariffs and Trade (GATT), this Free Trade Agreement eliminates taxes and other trade-restrictive laws, including the parallel import of pharmaceutical products. IsraMeds uses FDA and European Union standard - approved facilities, Israeli-licensed pharmacists, and physician-approved prescriptions. Thus, attributing to the various factors like increasing trend of using over the counter drugs for self-medication and easy access to pharmacy products to treat common disease or medical conditions without visiting hospitals like cough and cold etc. is expected to boost the demand of over-the-counter drugs in Israel in the upcoming years.

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The Israel over the counter (OTC) drugs market is segmented based on product type, route of administration, dosage form, distribution channel, region, and company.

Based on route of administration, the market is segmented into oral, topical, parenteral, and others. Oral route of administration is expected to dominate the market in the forecast period because oral administration of medication is convenient, cost-effective, and most commonly used medication administration route for patients. It is the safest and least expensive way of drug administration as the patients do not have to visit hospitals for intravenous injection, it is the easiest form of drug a patient can ingest and does not require any monitoring or supervision by any medical professional.

Based on dosage form, the Israel over the counter (OTC) drugs market is segmented into tablets, capsules, liquids & solution, creams/lotions/ointments, and others. The tablets segment is expected to boost the demand for Over the Counter (OTC) Drugs based on the standard compressed, controlled release and coated formulation of tablets which are the most common form of solid oral dosages. By the oral route of administration of tablets with high rate of absorption which is required for their therapeutic effect in the body and the medicines easily reach the targeted area and have least drawbacks in different age group of patients as well.

Major companies operating in Israel Over the Counter (OTC) Drugs Market are:

• Teva Pharmaceutical Industries Ltd.
• GlaxoSmithKline plc
• AstraZeneca Israel
• Bayer Israel Ltd.
• Pfizer Inc.
• Johnson & Johnson
• Novartis Israel Ltd.
• Taro Pharmaceutical Industries Ltd.
• Neopharm Israel
• Sol-Gel Technologies Ltd
  
  

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“The future of over the counter (OTC) drugs is likely to be shaped by several trends and developments in the healthcare industry of Israel which is anticipated to boost the over-the-counter drugs market of Israel in the upcoming years. Advances in technology and the growth of e-pharmacies may make OTC drugs more accessible to consumers, this could include the ability to purchase medications online or through mobile apps, as well as expanded availability of OTC drugs in retail locations. The growing use of digital health tools, such as wearable devices and health apps, may impact the OTC drug market. As healthcare systems place a greater emphasis on preventive care and wellness, there may be an increased focus on OTC drugs that help support overall health and prevent future health problems. Advances in genetics and personalized medicine may lead to more targeted OTC treatments, tailored to specific genetic profiles or health conditions. As concerns over the safety and efficacy of OTC drugs grow, there may be greater regulatory oversight of these medications in the country. This could include increased requirements for testing and approval, as well as greater scrutiny of advertising and marketing practices under the supervision of Ministry of Health of Israel. Overall, the future of OTC drugs is likely to be shaped by a range of trends and developments in the healthcare industry. While there are opportunities for increased access and more targeted treatments and greater regulatory oversight and concerns over safety and efficacy.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based management consulting firm.

“Israel Over the Counter (OTC) Drugs Market By Product Type (Cough, Cold and Flu, Vitamins, Mineral, & Supplements (VMS), Analgesics, Gastrointestinal Products, Dermatology Products, Others), By Route of Administration (Oral, Topical, Parenteral, Others), By Dosage Form (Tablets, Capsules, Liquids & Solution, Creams/Lotions/Ointments, Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, E-Pharmacies, Others), By Region, Competition, Forecast and Opportunities, 2028”, has evaluated the future growth potential of Israel 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 Israel Over the Counter (OTC) Drugs Market.

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