An In-depth-study of OTC medicine segment of Indian Pharmaceutical Industry with special emphasis on consumer behavior
To study the Indian Pharmaceutical Industry as a whole
To understand the consumer’s attitude towards OTC products of the pharmaceutical industry To understand the healthcare products’ contribution and also its effects on pharmaceutical market To determine the extent to which the respondents prefer self-medication instead of going to the doctor for common health problems To find out the criteria on which the consumers rely for making their purchase decision regarding OTC products To find out the extent to which consumers read the labeling information before making a purchase To find out the extent to which the respondents perceive OTC products as safe to use To understand the influence of advertising on consumer behavior towards them To find out the most preferred brand in each OTC product category To know the frequency of purchase of OTC products by the consumers To know the preferred medium of communication for advertisement of OTC products
Target Population: Population of the research is the consumers who are well aware of the OTC products and who are above 18 years of age N.R.Institute of Business Management Page 1
Research Design : Descriptive Research Sampling unit: Same as the sample element Sampling Technique: Convenience sampling Sample Size : 300 sampling units selected from the Target population Contact Method: Researcher have contacted sampling units personally and with the help of one to one interaction researcher have conducted survey. Extent: The location considered by the researcher is Ahmedabad city.
Primary Source: Questionnaire Secondary Sources: Books like Marketing Research by Malhotra Journals Websites Reports LIMITATIONS OF THE STUDY The main limitation of the study is the time span available with researcher for conducting the research is 6-8 months. Another limitation is that the scope of the researcher’s study is Ahmedabad city. So the population considered may not be the actual representative of the population of the nation. The information given by the respondents can be biased. In order to limit the scope of the project only 5 categories of OTC products segment were included based on frequency of usage, in the question that ask for highly consumed brand.
N.R.Institute of Business Management
The pharmaceutical industry is a knowledge driven industry and is heavily dependent on R&D for new products and its growth. However, Basic Research (discovering new molecules) is a time consuming and expensive process and is thus, dominated by large global multinationals. In the Global Pharmaceutical Market, Western Markets are the largest and fastest growing due to introduction of newer molecules at high prices. A well-established reimbursement and insurance system implies that per capita drug expenditure is abnormally high in Western Countries as compared to the developing nations. The Indian Pharmaceutical Industry is highly fragmented, but has grown rapidly due to the friendly patent protection, low cost manufacturing structure, intense competition, high volumes and low prices. Exports have been rising at around 30% CAGR over last five years. The Drug Pricing Control Order (DPCO) has severely restricted profitability and hence innovation. However, the government has been relaxing controls in a slow but progressive manner. The span of control of DPCO has come down from 90% in 1980s to 50% in 1995 and is likely to be further reduced as per the latest proposed changes. In the domestic market, old and mature categories like anti-infective, vitamins, analgesics are degrowing or stagnating while new lifestyle categories like cardiovascular, CNS, anti diabetic are growing at double-digit rates. The growth of a company in the...