REX Awards 2023 - OTC
Since 1976, more than 120 medications have switched from prescription to over-the-counter availability. According to the Consumer Healthcare Products Association, these ingredients, indications and dosages in the Rx-to-OTC pathway include antihistamines, nasal decongestants, analgesics and much more.
In addition to these switches, there have been many product developments over the years that were launched as OTC products. The CHPA, citing its study with Nielsen, reported sales of OTC medicines at retail totaled nearly $37.7 billion in 2021. The sales drove considerable health care savings. In its 2022 Over-The-Counter Value Study, the CHPA reported that 82% of consumers who treat their symptoms with OTC medicines would have sought professional medical treatment if the OTC item had not been available. The study noted that OTC drove $56.8 billion in drug cost savings and $110.3 billion in cost savings from unneeded doctor’s visits.
This year’s winners of REX Awards – OTC are companies that are developing innovative products that help consumers self-treat a variety of issues.