New Delhi: India's over the counter (OTC) drug market is expected to grow to $6.6 billion by 2016 with pharmaceutical companies and chemists increasing their presence in the rural market.
India's OTC drug market stood at $3 billion in 2011 and a "rise to $6.6 billion is forecast by 2016", according to a sectoral document for pharma industry under the 'Make in India' campaign.
Drug companies have increased spending to tap rural markets and develop better infrastructure. The market share of hospitals is expected to increase from 13.1 per cent in 2009 to 26 per cent in 2020, it added.
"With increasing penetration of chemists, especially in rural areas, OTC drugs will be readily available," the document said.
The purported rise of lifestyle diseases in the country is expected to boost the industry sales figures, it added.
India's pharmaceuticals industry accounts for about 2.4 per cent of the global pharma industry by value and 10 per cent by volume.