REX Awards 2024: OTC Products
The over-the-counter drug industry is seeing growth in sales and in innovation. According to the Consumer Healthcare Products Association, retail sales of OTC medicines totaled $41.2 billion in 2022, up from $37.7 billion in 2021. The CHPA also noted that two first-in-class Rx-to-OTC switches occurred in 2023: naloxone hydrochloride, or Narcan, a nasal spray to treat opioid overdoses, and norgestrel, or Opill, to prevent pregnancy.
Consumers appreciate the convenience and accessibility of more routine OTC drugs. According to a Mintel report, A Year of Innovation in the OTC Medications Market 2023, pain is an important driver of many OTC sales, and 30% of U.S. adults consider targeted relief when purchasing OTC pain remedies.
Pain is a wide-reaching category, and consumers shop for various benefits. Women seek deals, men rely on brand recognition, and younger shoppers seek clean formulations.
This year’s winners of DSN’s REX Awards – OTC are companies that are developing innovative products in a variety of categories, all enabling retailers to help consumers self-treat issues.