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(MoneyNewsWire.Net, August 14, 2017 ) South Korea’s rapid economic growth has nurtured the development of a robust healthcare sector in a short period. Its pharmaceutical market is ranked 13th in the world, in terms of revenue generated and the third largest in Asia.
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An increase in employment of self-medication is observed in recent times due to the growing awareness on various health conditions and treatments. This is propelling the market growth for OTC drugs. Further, increasing numbers of geriatric population is one of the factor driving the growth of South Korea OTC drug market. As increasing age is associated with prevalence of chronic medical conditions, a higher number of medicines are used, leading to higher demand for all medical services, including alternative services like self-medication etc.
Similar to the global scenario, rising issues of substance abuse has forced stringent regulations for the use of certain categories of drugs, effecting the South Korea OTC Drugs market. Further, under South Korea’s Pharmaceutical Law, only pharmacies have exclusive rights to manage pharmaceutical products, including OTC drugs. This has been limiting the reach of various products to consumers, which acts as a hurdle for market growth. Anyways, the Korea’s Ministry of Health and Welfare has initiated negotiations between groups representing pharmacists, doctors, consumers, and the government to ease these restrictions on sales of over-the-counter (OTC) drugs.
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South Korea Over the Counter (OTC) Drugs Market: Segmentation
Product Type
• Analgesics
• Cough, Cold and Flu Products
• Vitamins and Minerals
• Dermatological Products
• Gastrointestinal Products
• Ophthalmic Products
• Sleep Aid Products
• Weight Loss/Diet Products
• Others
By Formulation Type
• Tablets
• Liquids
• Ointments
• Sprays
Distribution Channels
• Pharmacies
• Supermarkets/Hypermarkets
• Convenience stores
• Others (Online Drug Stores)
Further, based on distribution channel the OTC drugs market is segmented into Pharmacies, Supermarkets/Hypermarkets and Convenience stores. As stated earlier, most of the OTC drugs in South Korea are distributed through Pharmacies. But with the efforts by government to ease the regulations, sales through supermarkets and convenience stores are expected to pick up in the coming few years.
Some of the major companies offering OTC drugs in South Korea are GlaxoSmithKline, Johnson and Johnson, Novartis, Bayer, Pfizer, Sanofi, Takeda Pharmaceuticals, Boehringer Ingelheim, Yuhan Corporation, Hanmi Pharmaceuticals, Dong Wha Pharmaceuticals.
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