According to the report ” Singapore Over the Counter Drugs Market”, published by Market Data Forecast, the Singapore market is projected to reach USD 795 million by 2021, at a CAGR of 5.45% from 2016 to 2021.
Singapore Over the Counter Drugs market has a share of 1.2 % of total Asia-Pacific OTC market. The term ‘’Over the counter’’ refers to pharmaceuticals, that are bought across the counter without any prescription from physicians. Availability, Affordability, Trust, and Empowerment are the four aspects epitomize the value of OTC drugs that provide consumers and healthcare system of a nation. The rapid growth of the aging population is one of the major reason for the growth of OTC Drug market.
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Major factors that are influencing the growth of the market are Cost-aware insurance programs, increasing pressure from the customers, drug manufacturers to redevelop prescription drugs to over the counter drugs. The major problem that is restraining the growth of the market is cost sensitivity of production.
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Key players influencing Over the Counter Drugs Market in singapore are Eu Yan Sang international Ltd, Bayer AG, Johnson & Johnson, Glaxo smithkline plc, Merck pte Ltd, Sunward Pharmaceutical Pte Ltd, Beacons Pharmaceuticals (Pte) Ltd.
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