06 June 2009

Online marketing opportunity for Over-The-Counter (OTC) market in India

Calling the cash counters all the way, the Over-The-Counter (OTC) market in India is growing 7.7 percent and has grown steadily at a CAGR of 8.3 percent in the period 2003-2008. Valued at $3.0 billion in 2008, the market is expected to grow at a CAGR of 6.3 percent during 2006-2011 to touch $4.4 billion by 2011. Exhibiting a y-o-y growth which is higher than that of growth globally, Indian OTC performance could be stated as good.

Sales of OTC healthcare products remained buoyant in 2008, driven by a growing Indian economy that led to rising disposable incomes. While growth was led mainly by urban consumers, those in rural areas were not too far behind. Rural consumers increased consumption of analgesics, cough, cold and allergy remedies, while urban consumers purchased more digestive remedies and medicated skin care products. The expansion of distribution networks also led to increased penetration of OTC healthcare products.

2008 saw increasingly rapid urbanization and more hectic lifestyles (opportunity for on line marketers). The forecast period is expected to witness strong growth rates in constant value terms. The rising disposable incomes of consumers in rural and urban India is set to increase demand for OTC healthcare products. While all sectors are expected to perform well, more mature sectors, such as analgesics and digestive remedies, will grow more slowly than medicated skin care, eye care and adult mouth care. Growth in cough, cold and allergy remedies is likely to be strong, due to the effects of pollution and colder winters. Urban consumers are expected increasingly to demand products in niche areas, such as emergency contraception, Obesity, NRT smoking cessation aids, calming and sleeping products, and OTC stains

The Indian online marketing industry is getting mature day by day and provides a good online marketing solution for many business models. To find out easy and cheaper alternative channel to reach towards your potential customers is key to success for OTC product. The Online marketing for life style medication has been changed the sky in Europe and USA, India would be next destination. Pharma Marketer must sense the early call and devise their strategy for future online marketing challenges. The online marketing for OTC product in India would be a goldmine if you take early call.