Research and Markets: OTC Pharmaceuticals Market in Latin America 2014-2018
DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/dhw73r/otc) has announced the addition of the "OTC Pharmaceuticals Market in Latin America 2014-2018" report to their offering.
“OTC Pharmaceuticals Market in Latin America 2014-2018”
The analysts forecast the OTC Pharmaceuticals Market in Latin America market to grow at a CAGR of 14.54 percent over the period 2013-2018. One of the key factors contributing to this market growth is the increasing switch from prescription to OTC drugs. The OTC Pharmaceuticals Market in Latin America has also been witnessing the some key increased outsourcing of drug development activities. However, the stringent regulations are expected to pose a challenge to the growth of this market.
Key vendors dominating this space include Bayer HealthCare AG., EMS S.A., Hypermarcas S.A., and Novartis AG.
Other vendors mentioned in the report are Boehringer Ingelheim GmbH., Genomma Lab Internacional SAB., GlaxoSmithKline plc., Johnson & Johnson, Pfizer Inc., and Takeda Pharmaceutical Co. Ltd.
Commenting on the report, an analyst from the team said: The development and manufacture of drugs is a complex and time-consuming process, and it requires huge financial investments. As many vendors are facing the problem of declining venture capital investments, they are increasingly following the strategy of outsourcing. Certain vendors outsource different parts of the R&D process (such as product characterization testing and toxicology testing) to contract research organizations. Similarly, certain vendors are outsourcing part of their manufacturing process, or even the entire manufacturing process, to various organizations. Thus, outsourcing is one of the main trends in this market at present.
According to the report, one of the major drivers is the increasing switch from prescription to OTC drugs, which increases the number of OTC drugs available.
Further, the report states that one of the major challenges in the market is the stringent regulations posed by regulatory bodies such as Agência Nacional de Vigilância Sanitária, Brazil. Product recalls negatively affect a company's image, resulting in customers opting for other products available in the market, which leads to a fall in sales.
For more information visit http://www.researchandmarkets.com/research/dhw73r/otc
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