Stark 2023 growth warning from IMF head

The Managing Director of the International Monetary Fund has cautioned that 2023 is going to be a “tough year”, with one-third of the world economy expected to be in recession. The three big economies, USA, EU and China, are slowing simultaneously, translating to negative trends globally. Kristalina Georgieva added in an interview with the CBS News programme Face the Nation that, while USA is most resilient and may avoid recession, the strong labour market is a “mixed blessing” as interest rates could remain tight to lower inflation.

Meanwhile, half of the EU – severely hit by the war in Ukraine – will be in recession this year and China, which in 2022 slowed dramatically because of its zero Covid policy, will slow down further (+4.4% growth in 2023 projected) as the relaxation of restrictions leads to soaring coronavirus cases. Overall, IMF forecasts that Advanced Economies will grow by 1.1% in 2023, while Emerging Market and Developing Economies will rise by 3.7%, led by India (+6.1%) but dragged down by Russia (-2.3%).

When asked what leaves her hopeful, Georgieva said: “I know when we work together, we can overcome the most dramatic challenges. In 2020, the world came together in the face of tremendous threat and was able to overcome this threat. In 2023, we have to do the same.” 

Nicholas Hall Writes: For most of 2022 I wrote in CHC.Newsflash about a market performing surprisingly well, but there was an implicit warning that the party would come to an end one day. Kristalina Georgieva, head of the IMF, has issued a stark warning of tough times ahead economically, but that is light reading compared with Nouriel Roubini’s new book, “Megathreats”, which highlights the 10 trends that imperil our future. Known by some as Dr Doom, Roubini prefers to be known as Dr Realistic, but in my estimation he is Dr Right as he called out many past mistakes with great foresight, including the debt binge that has made the global economy today almost unmanageable.

So how will these megathreats affect Consumer Health? In one sense, we are privileged as healthcare is a must-have category, and self-care will fill part of the vacuum left by the inability of healthcare providers to meet the needs of a growing and demographically-unbalanced population, about which Dr Roubini also writes persuasively. But consumers can only spend the money in their pockets, regardless of whether it is earned or borrowed, which is why I am so concerned about the future of CHC brands and why generics and private labels are now seen as the new growth segment.

I’m also concerned about the viability of retailers and even e-Commerce platforms, as the economic crisis will lower customer footfall and push up costs including the cost of borrowing, forcing thousands of outlets to close. We are already seeing that as a sub-plot of today’s global medicine shortages. Partly this is a story of unpredictable demand caused by the afterwave of the Covid-19 pandemic, but it also seems to me that the supply chain has become very fragile as companies look for ways to cut costs by reducing inventory to breaking point. So our 2023 mission here at the Nicholas Hall Group is to reassess the Strategic Narrative for Consumer Health and offer advice to clients and the industry at large on how to survive mega- and microthreats.

We are pleased to announce that experts from Haleon, Perrigo and PAGB, plus our sponsors Pharmalinea will take the stage alongside Nicholas at our 33rd European CHC Conference! See the all-new agenda here. Taking place in London on 19-21 April 2023, save with the early bird booking discount when you book your place before 19 January! For more information, or for group booking discounts and sponsorship opportunities, please contact elizabeth.bernos@NicholasHall.com.

UN: World population to reach 8bn in 2022 and 10bn by 2050

The UN’s World Population Prospects 2022 report predicts that on 15th November 2022 the global population will reach 8bn. The report also shows that India is on course to surpass China as the world’s most populous country in 2023. The latest UN projections suggest that the global population could grow to around 8.5bn in 2030 and 9.7bn in 2050, before peaking at around 10.4bn people during the 2080s.

More than half of the projected increase up to 2050 will be concentrated in eight countries: the Democratic Republic of the Congo, Egypt, Ethiopia, India, Nigeria, Pakistan, the Philippines and the United Republic of Tanzania. While 2022 is a milestone year, the global population is growing at its slowest rate since 1950, having fallen to less than 1% in 2020. As well as fertility, which has dropped markedly in recent decades for many countries, the pandemic has had an effect on population change: global life expectancy at birth fell to 71 years in 2021 (vs 72.9 in 2019).

^{Source: UN World Population Prospects 2022}

Nicholas Hall’s Touchpoints: The UN tells us that the global population will reach 8bn this year. As always, the demographic mix is important and by 2050 the number of over 65’s globally will be more than twice the number of children under the age of five and around the same as those aged under 12. Further reductions in mortality will increase average global longevity to around 77.2 years in 2050. But we don’t have to wait until 2050 to feel the effects of the ageing population, as all countries in the developed world are already experiencing high demand on healthcare services and medical products from a large cohort that expects a high quality of life for an extended period of time. This has been a discussion point throughout my 5 decades in this industry, and Big Pharma seems to defy gravity by always introducing better products at higher prices and sustaining or even growing margins.

But this cannot last, and the recent drive by the FDA to encourage more Rx-to-OTC switches is one of the most important emerging trends in our industry. As my colleague MaryAlice Lawless has written recently, the old switch model just won’t work any more, and the FDA has put the ball firmly in our court to come up with new regulatory and marketing models. That’s why the US switch application for the daily oral contraceptive is so important. Perrigo’s HRA subsidiary is in the forefront of this new category, having launched the first OTC version globally in the UK in 2021.

We are pleased to announce that the all-new agenda for our Asia-Pacific e-Conference has been released! Nicholas will be joined on 23 November by industry experts to explore expanding possibilities for CHC across the region. This event will also include the presentation of our Regional CHC Creative Marketing Award. For more information, or to register, please contact elizabeth.bernos@NicholasHall.com.

Market Movers in MAT Q2 2020

To mark the publication of our latest Market Movers update, which picks out 6 brands driving growth in the global CHC market in the MAT Q2 2020 period, as well as 6 brands in fast decline, our blog this week examines the trends that are driving these exceptional changes.

Among the fastest-growing brands, one common thread is immunity positioning, with at least four of the six products highlighted below – Dabur Chyawanprash (India), Yiling Lianhua Qingwen (China), Airborne (USA) and Arbidol (Russia) – boosted by heightened demand for products that boost immunity during the pandemic.

TCM Yiling Lianhua Qingwen, available in China as capsules and granules, was listed in 2020 in the country’s Novel Coronavirus Pneumonia Diagnosis and Treatment Scheme, while in April 2020, the National Medical Products Administration of China approved a new indication for “mild and common Covid-19” to be added on the basis of its originally approved indications. Sales for the brand in the MAT Q2 2020 period were up 68%.

Ayurvedic formulation Dabur Chyawanprash (Dabur) saw sales more than double (+169%) in MAT Q2 2020, driven by strong Covid-related demand and the launch of Dabur Immunity Kit in Q2 2020, to become India’s No.1 CHC brand. Likewise, umifenovir-based medicine Arbidol (OTCPharm), which is positioned for flu as well as acute respiratory and viral infections, also saw sales more than double (+103%) in the MAT Q2 2020 period and the brand now ranks in the Top 5 in Russia.

As for products that suffered falling sales in MAT Q2 2020, notable examples were tonics & cure alls in China – such as Dong-e E-Jiao – hit by rising raw material costs and falling demand, as well as ranitidine-based antacids – such as Sanofi’s Zantac 150 – owing to concerns around NDMA and Takeda’s Alinamin EX vitamin B supplement in Japan, affected by demographic changes and a fall in tourist spending.

If you would like to review the latest launches and NPD surrounding all the leading brands in the global CHC market, take a look at CHC New Products Tracker, the ultimate competitive intelligence tool! Featuring 26,000+ launches and innovations, products are graded with a star rating, and you can search according to your specific requirements. Please contact waisan.lee@NicholasHall.com to set up your demo.

What sort of winter for CHC is coming?

With the northern hemisphere estimated to generate around 90% of sales in the global CHC market, the impact of the coming cough & cold season is crucial to the market’s performance in Q4 2020. Recent indications from the southern hemisphere gave us some clues of what’s to come – according to a recent report by the CDC, from April to July (peak flu season in the southern hemisphere), there were only 51 positive flu tests out of more than 83,000 people tested in Australia, Chile and South Africa, for a positivity rate of 0.06%. In contrast, during April to July in the years 2017-19, nearly 14%, or 24,000 out of 178,000 people, tested positive for flu in those three countries.

Despite the expected low positivity rate of flu in the northern hemisphere in Q4 2020, as a result of improved hand hygiene and social distancing, the return to school in many countries is likely to lead to an uptick in cough & cold infections. According to Lucy Rigby, Senior Brand Manager of UK cough remedy Tixylix (in a quote to Wholesale Manager): “Going forward, we believe that parents will be much more conscious of their children’s health risks as schools and nurseries reopen, and are likely to stock up on OTC medicines prior to the peak winter months.” In addition, Paul Trethewy, Controller for Wholesale and Convenience at GSK, said: “With the NHS continuing to face overwhelming pressure and with GPs de-prescribing cold medication, we’re expecting the impulse channel to be an important provider of OTC cold & flu treatments.”

Source: Nicholas Hall’s upcoming Cough, Cold & Allergy Report

Whether any upcoming surge in demand for OTCs leads to the same constraints on supply seen in Q2 2020 remains an open question. Europe’s OTC industry body, AESGP, last week welcomed European Parliament plenary approval of the Report on shortages of medicines — how to address an emerging problem. AESGP agrees that shortages are of particular concern when they affect medicines for which no or limited alternatives are available, however in the case of OTC medicines, because substitution is possible and alternatives exist in most situations, it believes any shortage of a product will translate into little to no impact on the outcomes of self-care. Though the AESGP considers diversification of the supply chain to be a long-term strategic option, including greater independence brought by onshoring manufacturing and production of certain non-Rx medicines and APIs, it said this strategy was hardly actionable in the short-term.

One ingredient that remains under the spotlight is paracetamol (acetaminophen). India lifted restrictions on the export of APIs of paracetamol in late May 2020, but has continued to monitor usage of the ingredient in the domestic market. According to an article in Business Standard, OTC paracetamol sales have taken a hit in India over recent months owing to government legislation designed to monitor use of the ingredient, as well as CCA remedies, but these restrictions are now starting to ease and a spokesperson at GSK expects “sales to pick up in the coming months”. GSK’s Calpol and Crocin brands have been two of the products impacted by this extra vigilance over paracetamol use, but the short-term outlook for the ingredient and India’s OTC market is now improving.

With less than two weeks to go, register now for our new hot topics webinar! You will hear about key trends, including the impact of Covid-19, Distribution, e-Detailing and Sustainability. To find out more, or to register to join on 30 September, please contact elizabeth.bernos@NicholasHall.com.

How will CHC supply chains evolve in Covid-19’s wake?

Supply chain issues are high on the agenda of consumer healthcare marketers in the wake of the Covid-19 pandemic. Bayer said in its Q1 results that its Consumer Health division was able to respond very flexibly to significantly higher volumes and shifts in the product mix thanks to its supply chain operation. In addition, RB last week appointed Sami Naffakh as Chief Supply Officer and member of the Executive Committee, effective 1st July 2020. RB CEO, Laxman Narasimhan, said: “Throughout the Covid-19 pandemic, the global supply chain teams have worked tirelessly to step up for our consumers and our customers. As we continue to ‘navigate our new normal’, we must also start to focus on our medium-to-longer-term supply needs across the entire, diverse portfolio.”

Novartis’ supply chain has also coped well during the pandemic, thanks to the extraordinary efforts of its staff – as outlined in this report – but some companies have been harder hit. In February 2020, Blackmores downgraded its FY2020 forecast saying that, while the outbreak has increased demand for key immunity products, this has been countered by supply chain disruptions that the company expected would continue to affect China sales for at least 2-3 months.

As our graphic below shows, China is a key producer of active ingredients (APIs), and absolutely vital to the world supply of ascorbic acid (vitamin C), for example. India, which imports most of its APIs from China, has been hit hard by disruptions in the supply chain, and in March 2020 the Government banned the export of 20+ APIs to protect the supply of essential medicines in the domestic market. This had knock-on effects around the globe, however last week India’s Directorate General of Foreign Trade lifted restrictions on the export of active pharmaceutical ingredients of paracetamol.

In a recent report by the Economist Intelligence Unit (EIU), called “The Great Unwinding”, more and more companies are said to be moving parts of their supply chains away from China, a trend accelerated by Covid-19, with multinationals seeking to build “quasi-independent regional supply chains in the Americas and Europe”, to ensure future resilience. In addition, the report indicates that another long-lasting impact of Covid-19 will be companies looking to store inventory in “strategic locations from where it can be easily accessed and delivered to customers”.

The pharmaceutical industry is also facing rising prices of raw material. According to data from India’s Pharmaceutical Export Promotion Council (Pharmexcil), the cost of paracetamol went up up 50-60% at the start of the Covid-19 pandemic, and the prices of vitamins increased by 40-50%. As the EIU report indicates, companies will need to think strategically about pricing models, given that “both the regionalisation of supply chains and the build-up of strategic inventories will push up final goods prices, denting a product’s competitiveness”. However, one of the upsides to this change is that “a more regionalised supply chain will offer opportunities for companies to focus more on local tastes amid a greater capacity for product differentiation”.

Very soon we will be publishing the second edition of our hot topic review, Coronavirus 2020 and its potential impact on CHC. This report from our Competitive Intelligence & Market Analysis (CIMA) division explores the response to the pandemic from CHC brands and marketers as well as the overall impact on CHC to date. You will also be able to read about trends observed so far (key categories impacted, how consumer behaviour has changed etc), how key CHC players performed in Q1 and projections for the near and longer-term.  If you have purchased the original Coronavirus 2020 Review, you will receive the 2nd edition free of charge. For more information, or to purchase your copy, please contact Melissa.Lee@NicholasHall.com

How will India’s CHC market perform in 2020?

In its Q1 results, GSK cited the impact of retailer shutdowns in India on its Consumer performance, and the outlook for India’s CHC market in 2020 remains uncertain. Even before the Covid-19 pandemic, India reported slower growth for its consumer healthcare market in 2019 (+8.2%) compared to previous years, owing to India’s macro-economic weakness leading to slowing consumption. This has resulted in some marketers, such as Emami, to rethink launch plans and spurred others, including Dabur, to implement strategies to overcome the slump.

Two weeks ago, it was also reported that Blackmores has paused plans to enter India pending clarity about Covid-19 in the country. CEO Alastair Symington announced the decision at the Macquarie Australia Investment conference. He also stated that Australian sales of immunity products – such as vitamin C supplements and practitioner-only BioCeuticals ArmaForce – have boomed since the beginning of the pandemic, with Google analytics showing an upturn in online searches for information on boosting immunity as Australian households focus on maintaining good health.

With India in the grip of the Covid-19 outbreak, Dabur has brought forward the launch of a range of Ayurveda-backed preventive healthcare and personal hygiene products. These include Tulsi Drops, a mix of five types of rare Tulsi leaves. With antimicrobial and antioxidant properties, the product claims to help boost immunity, relieve cough & cold symptoms and build respiratory health. In an interview with BusinessLine, CEO Mohit Malhotra said he believes the importance of personal hygiene and healthcare products for boosting immunity will grow in the global consumer mindspace, even post-pandemic.

In addition, several marketers have diversified existing derma brands into hand sanitisers to cater to increased demand. Emami has extended its flagship skin care brand BoroPlus with the launch of BoroPlus Advanced Anti-Germ Hand Sanitiser, the company’s first foray into that segment. Along with immunity supplements, antiseptics & disinfectants is clearly among the CHC categories in India achieving accelerating growth, with RB reporting in its Q1 results that Dettol was growing strongly in both Developed and Emerging Markets in Q1, with Covid-19 demand fuelling greater product penetration in UK, Australia, India and China.

Whether growth in Covid-fuelled categories like immunity supplements and antiseptics & disinfectants is enough to offset wider macroeconomic trends in India and supply issues caused by retailer shutdowns remains an issue of great interest for marketers active in India’s CHC market. At present, however, we’re forecasting a further moderate slowdown in the market in 2020.

Nicholas Hall’s New Paradigms for CHC 2019: Over the Horizon includes chapters on How to Innovate, Rx-to-OTC Switch, e-Commerce and Digital Engagement, to name just a few of the key trends explored in the report. Written by Nicholas himself, you can also upgrade your purchase to include a customised webinar. To find out more or to purchase your copy, please contact melissa.lee@NicholasHall.com.

Assessing Covid-19’s impact on the VMS industry

Despite various countries going into lockdown, governments are still allowing “essential” services and businesses to remain operational, putting the role of the dietary supplements industry in the spotlight. In some countries, like New Zealand, supplement marketers are allowed to maintain their operations as long as they are supplying “essential” businesses, such as pharmacies and supermarkets. However, according to the guidance provided by New Zealand Natural Health Products, health food stores do not fit the description of “essential” businesses.

The situation is similar but more complex in the USA, home to the world’s No.1 VMS market. While essential food and drug suppliers are open for business during Covid-19 restrictions, industry leaders are working to ensure that the same applies to speciality health food stores and cannabis dispensaries. No specific federal regulation is in place, but “essential business” status is being determined at state and local level. While California most decisively classified workers supporting cannabis and dietary supplement retail as essential workers, and Illinois added licensed medical cannabis dispensaries and cultivation centres to its essential healthcare operations list, not all states have set such guidelines.

In a letter to state governors, industry associations including the Consumer Healthcare Products Association urge that supplement supply chains remain open in all states, arguing that now more than ever, consumers need essential nutrients to stay fit and healthy and proactively reduce their risk of chronic diseases without burdening an already overstretched healthcare system. They write: “As each of you plan your own approach to this challenging issue, we respectfully request you mirror White House / Centers for Disease Control & Prevention guidelines and make special accommodation for critical infrastructure industries that specifically include not only conventional foods but all subcategories of food, including dietary supplements, infant formulas, medical foods and spices & flavours.”

As for how the Covid-19 crisis will affect the VMS market, it’s clear that some categories stand to benefit more than others. Herbal & natural immune stimulants and vitamin C supplements are likely to see the biggest boost, as long as supply chains can be maintained. In certain markets, such as India and China, there is likely to be a rise in sales of country-specific natural remedies (Ayurvedic medicine and TCM) positioned for immunity support, though marketers will have to be wary of government clampdowns on products that are claimed to prevent or cure Covid-19.

For a full analysis of Covid-19’s impact on the global CHC market, pick up a copy of our all-new Hot Topic review Coronavirus 2020 and its potential impact on CHC from Nicholas Hall’s CIMA division. Buyers of this report will also receive a situation update in six months time. For more information, or to purchase your copy, please contact melissa.lee@NicholasHall.com.

Latin America a ray of CHC light

As reported in our MAT Q2 2019 update, the Emerging Markets have produced mixed performances in recent quarters, with consumer healthcare growth in both China and India impeded by a relatively low-key cough & cold season and weakening economies. Over the weekend, it was reported that India’s economic growth slowed further in the third quarter, highlighting the depth of the downturn afflicting a nation that was only recently revelling in its status as the world’s fastest-growing large economy. 

One region that continues to produce above-average consumer growth, however, is Latin America – CHC sales grew by 8.3% in the MAT Q2 2019 period – and Nicholas Hall recently returned to São Paulo for our 5th Latin American Consumer Healthcare Conference. Reflecting on his trip, which also included a workshop in Mexico City, Nicholas Hall said “the topics that aroused most curiosity at these meetings were e-commerce, cannabis, probiotics, industry consolidation and, inevitably, regulations, with Brazil travelling in one direction (liberalisation) and Mexico the other.“

Strong growth in Brazil has been also been fuelled by higher levels of launch activity, with our OTC New Products Tracker service showing a strong spike in the number of innovations recorded in 2018, totalling just over 250.

Below is a summary of some of the Key Learnings from our Latin American CHC Conferences:

• As we enter the 4th industrial revolution, it is important to question traditional business models & sales strategies

• Innovation is not limited to NPD (new product development); within an increasingly saturated market with tough regulatory obstacles, we should explore new business models & sales strategies

• Traditional market research methods are deeply flawed but the wealth of consumer data that advancing technologies (such as wearables) provide could be a goldmine of opportunities

• LatAm lags behind other global regions in eCommerce owing to regulatory hurdles, high levels of fraud & a lack of consumer trust in online platforms

• Precision marketing – using online influencers & product placement – can help connect with more clustered consumers

• While HCPs might be interested in features, consumers want benefits!

• Content marketing – particularly focusing on preventive healthcare – could be key to improving low levels of health literacy and the burden this places on national healthcare services

A detailed write-up of both our São Paulo & Mexico City conferences will be included in the next issue of Insight Latin America. To receive a copy of this article, contact Melissa

Alibaba and Walmart report strong Q2

Our blog this week rounds up the latest retail news, including recent Q2 results from Walmart and Alibaba, and a focus on M&A activity in Asia-Pacific. China’s Alibaba trumped analysts’ expectations with a 42% year-on-year jump in quarterly revenues to Rmb114.92bn (US$16.3bn), contrasting with its rival Tencent which one day earlier disappointed the market by falling short with a more modest quarterly growth (though Tencent did report a 26% year-on-year increase in profit).

Alibaba’s CEO, Daniel Zhang, said the company “had a great quarter, expanding our user base to 674mn annual active consumers, and demonstrating our superior user experience. We will continue to expand our customer base, increase operating efficiency and deliver robust growth. With strong cashflow from our core e-commerce business, we will continue to invest in technology and bring digital transformation to millions of businesses globally.” 

Alibaba is also reportedly looking to acquire Kaola’s cross-border online shopping platform from rival NetEase, according to two people familiar with the matter, as China’s highly competitive US$2tn e-commerce market takes early steps towards consolidation.  

Meanwhile, Walmart has raised its outlook for the USA and said US consumers were in “solid” financial health as it shrugged off the Trump administration’s trade war with Beijing and turmoil elsewhere in bricks-and-mortar retail. Walmart revenues rose by 1.8% in fiscal Q2 2020 to US$130bn (+2.9% on a constant currency basis). USA sales were US$85.2bn (+2.9%) and the retailer noted that it is gaining market share in key categories, including health & wellness; e-commerce sales grew by 37%. International sales fell by 1.1% to US$29.1bn (+3.3% excluding currency impacts). Strength in Mexican subsidiary Walmex and China were offset by softness in UK and Canada. 

In Brazil, No.1 drugstore chain RaiaDrogasil (RD) reported better than expected results, seeing its national share rise to 13% in Q2 2019 (up 1.6% vs Q2 2018). Another drugstore chain quickly gaining share in Brazil is Farmarcas, which looks set to become the No.4 ranked chain by end-2019 after reporting even stronger results than RD, putting pressure on established players Drogaria DPSP and Pague Menos.

As for M&A activity:

• In Japan, drugstore operator Cocokara Fine is pursuing a merger with rival Matsumotokiyoshi in a deal that could create a market leader with sales of around ¥1tn (US$9.4bn)

• Amazon, which is looking to boost its bricks & mortar presence in the fast-growing Indian market, is reportedly in advanced talks to acquire up to 10% of Future Retail, the country’s No.2 retailer

• AS Watson (an affiliate of CK Hutchison Holdings) is in talks with potential partners in UAE with a view to introducing its health & beauty stores there

Take a look at the evolution of Pharmacy and Pharmacy Point-of-Care in the Distribution chapter in our new report, Nicholas Hall’s New Paradigms for CHC 2019: Over the Horizon, written by Nicholas himself! Other chapters will include Healthcare Trends, Regulation, Digital engagement amongst many others. Nicholas will also unveil the 15 “Infinity Zones” he has identified as being crucial to the future growth of the industry. You can upgrade your purchase to include a customised in-house presentation or webinar with Nicholas for an additional GB£10,000. To find out more or to pre-order your copy, please contact melissa.lee@NicholasHall.com.

E-commerce shake-up in India

India has been one of the major drivers of global OTC growth, with sales up 8.8% in the MAT Q3 2018 period, but there is now uncertainty over the country’s e-commerce sector after the government moved ahead with new rules that took effect last Friday (1st February 2019). The rules prohibit online retailers from selling products via companies or distributors in which they have an equity stake, so e-commerce giants like Amazon and Flipkart (owned by Walmart) have been most affected.

Amazon has now pulled various products from its Indian website, including some of its Amazon Basics line, while Walmart said it was “disappointed” at the government’s haste in implementing the new rules, which will create “significant work” for the company in overhauling its supply chains and systems. Political commentators see Prime Minister Narendra Modi’s decision to stand firm as a move intended to appease smaller Indian retailers ahead of a general election expected in May.

Amazon saw its shares dip 4% on the day the rules were implemented and it has lowered its sales guidance for India in Q1 2019. Walmart shares also fell, down 2.4%. In the short-term, there will be huge disruption to supply chains and increasing compliance costs, which will inevitably affect the availability and price of products online, while also giving a boost to bricks & mortar retailers. Long-term, however, Amazon and Flipkart have invested huge sums in India’s e-commerce market and will no doubt recover share.

In the meantime, more disruption to the e-commerce sector might be on its way. India issued draft regulations on the sale of medicines by e-pharmacies in September 2018, including a requirement to register for a licence with the country’s pharma regulator, CDSCO, which should be renewed every 3 years. However, the move has drawn protests and petitions from pharmacists, and opposing views in different regions of India, making the future implementation of these regulations highly uncertain.

The latest edition of our bestselling annual OTC Yearbook 2019 is available to pre-order! Scheduled for publication this April, this report will include reviews of major OTC categories, leading companies and brands, Medical Devices, Switch and much more. Pre-order your copy before 31 March to take advantage of our pre-publication rate! To find out more, or to reserve your copy, please contact Melissa.Lee@NicholasHall.com.