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After the outbreak of the pandemic, Colombian consumers were experiencing a collective awareness of self-care and health, which has contributed to a boost in sales of OTC drugs inside the market. The segments of immunostimulants, pain relievers, antidepressants, and anti-inflammatories are driving the growth inside the industry as people are relying upon self-medication products.
According to ANDI, the OTC market represents only 17% of the sale of medicaments in Colombia but is the one with a stronger variation over the last few years. In the case of the OTC medicines market, it is expected to reach US$2,77 billion by 2035 from only the US$0,77 million it represents today.
These are some of the reasons why consumers are increasing their domestic consumption of OTC medications:
- People began to understand the importance of preventing some diseases and not just waiting for them to appear, which in turn encouraged the purchase of immunostimulants.
- The fear of leaving their houses to go to hospitals caused consumers to resort to OTC products.
- The stressful global pandemic has generated an increase in the states of crisis and anxiety which at the same time is raising the sale of pain relievers, antidepressants, inflammatories, and other products that help to treat these stress problems.
TQ, Sanofi, and GlaxoSmithKline (GSK), the leading companies for OTC Consumer healthcare medicines, have continued to grow in products that skyrocketed after the pandemic and represent a positive forecast for the future.
Segments associated with the treatment or prevention of the virus have taken the lead, with products that improve and strengthen the immune system. Vitamins, like VitaminC, registered an increase of 127% according to national pharmacy Droguería La Rebaja. Sales of probiotics, minerals, and other kinds of vitamins have also augmented.
Pharmacies and laboratories are also noticing the increase in the sale of antidepressants such as Neurexan, a stress, restlessness, and anxiety product of German Origin. Products for treating gastritis and Vertigo have also experienced a growth in sales.
Undoubtedly, the awareness of self-care and health has transformed Colombians’ mindset, representing an improvement in people’s life quality as well as a positive estimation of the Consumer Healthcare market.
Colombia’s dynamic self-medication and pharma market continues to expand and develop, presenting excellent prospects to enter the country. Chameleon Pharma is ready to assist you to have any queries about the Colombian market, market-entry, or regulatory concerns.