The market for over-the-counter (OTC) medicines and dietary supplements has grown substantially in recent years with the increasing prevalence of consumers self-medicating for primary health conditions and the demand for dietary supplements as a daily health regimen. This has prompted the development of strong regulatory policies governing the sale of OTC drugs and put a spotlight on manufacturers to adhere to higher quality standard and correct branding and labeling of dietary supplements.
“All these factors are the impetus to the market across the globe,” so say researchers with Transparency Market Research in their latest global strategic business report, OTC Drug And Dietary Supplement Market: Evolving Technology, Trends And Industry Analysis – 2024.
The report provides in-depth analysis of the current and emerging trends, key drivers and restraining factors, changes in regulatory landscape and their impact on competitive dynamics, and strategies adopted by the leading market players. “The study tracks recent developments in drug making and key R&D activities undertaken by pharmaceutical companies making dietary supplements,” Transparency Market Research states. The report also delves into labeling and branding strategies of manufacturers that conform to various regulatory environments in major regions.
One of the challenges the dietary supplement industry faces is growing criticism from federal agencies over manufacturers and marketers who introduce supplements that contain dangerous hidden ingredients and who promote their products citing outlandish claims. The Food and Drug Administration (FDA) regularly warns consumers of this growing trend and continues to crack down on manufacturers and marketers of these illicit products when there is suspicion.
But the agency’s hands are tied when it comes to regulating dietary supplements. Thus, the FDA and consumer groups are pushing for move government oversight of dietary supplements to better protect public health.