OTC Healthcare

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OTC Healthcare in Ecuador

Euromonitor International's OTC Healthcare in Ecuador market report offers a comprehensive guide to the size and shape of the market at a national level. It provides the latest retail sales data, allowing you to identify the sectors driving growth. It identifies the leading companies, the leading brands and offers strategic analysis of key factors influencing the market - be they new product developments, packaging innovations, economic/lifestyle influences, distribution or pricing issues. Forecasts illustrate how the market is set to change.

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EXECUTIVE SUMMARY

TABLE OF CONTENTS

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Tables: 14 | Publication date: Mar 2007

Cost:

GBP600.00

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Get insight into trends in market performance
Pinpoint growth sectors and identify factors driving change
Identify market and brand leaders and understand the competitive environment

Product coverage

Adult mouthcare; Allergy care; Analgesics; Calming and sleeping products; Child-specific OTC healthcare; Cough; cold and allergy (hay fever) remedies; Digestive remedies; Ear care; Emergency contraception; Eye care; Medicated skin care; NRT Smoking cessation aids; OTC obesity; OTC statins; Vitamins and dietary supplements; Wound treatments

Executive summary

Another strong year of growth for the OTC healthcare industry

OTC healthcare in Ecuador posted another strong year of growth in 2005, riding the momentum of its recovery in 2004 and the health of the Ecuadorian economy. Consumer spending is up in almost every industry, due to increased consumer confidence and higher disposable income. Much of this growth is also being driven by the free trade agreements that Ecuador signed with the US, allowing a much larger variety of OTC products to enter the country at lower costs.

Among the sectors contributing the most to the growth of the OTC healthcare market were digestive remedies, wound treatments, and cough, cold and allergy remedies. All three sectors are comparatively underdeveloped and therefore are benefiting from a wave of new products.

Free trade agreements change the composition of the market

Pharmaceutical companies are focusing their attention on the developments of the free trade agreement that Ecuador is negotiating with the US (known in Spanish as Tratado de Libre Comercio) because of the implications that it could have on the OTC healthcare market. Industry sources have already witnessed an increase in the variety of OTC products available on the Ecuadorian market and believe this will continue into the future as more manufacturers capitalise on the advantageous environment. Consumers are not only benefiting from a larger selection of products, but also from a safer selection of products since those coming from a country like the US are required to adhere to more stringent regulations. However, there is also controversy surrounding the inclusion of medication in the free trade agreements when it comes to intellectual property and patent laws. The US wants its medical patents protected for 10-20 years, prohibiting local manufacturers from producing much cheaper, generic products.

Advertising campaigns important investment for participants in the OTC market

The most successful OTC products are those that are supported by frequent investment in advertising, since consumers feel safer and more knowledgeable when purchasing a product that has wide exposure. Television advertisements are the most effective way of reaching out to consumers because they can demonstrate how a product can relieve symptoms that a large amount of Ecuadorians may experience. The OTC products with the most effective television advertisements, and therefore large market shares, are Bisolvon Linctus, Pharmaton, Kiddi Pharmaton, and Dulcolax from Boehringer Ingelheim del Ecuador Cía Ltda; Apronax and Aspirina from Bayer HealthCare SA; Comtrex from Bristol-Myers Squibb del Ecuador CA; and Centrum from Wyeth Consumer Healthcare Ltd.

A growing pharmacy business

The pharmacy business is growing very quickly. Chains, such as Farmacias Cruz Azul and Pharmacys, are increasing their presence and entrepreneurs are investing in independently-run outlets so that they are well-positioned for future growth in the OTC market. Chemists/pharmacies are still the most important pharmaceutical retailers in Ecuador because of their traditional presence and convenient locations. Drugstores/parapharmacies are still underdeveloped when compared to other countries in the region but are expected to gain in importance over the forecast period.

Strong prospects ahead

The Ecuadorian OTC healthcare market is expected to display a very strong performance over the forecast period, taking advantage of a growing economy and favourable trade agreements with other countries. Consumers are learning more about how they can use OTC products to improve their lives and will have higher disposable incomes to invest in their good health.

OTC HEALTHCARE IN ECUADOR : MARKET INSIGHT

1. EXECUTIVE SUMMARY

2. OPERATING ENVIRONMENT

2.1 OTC Registration and Classification

2.2 Vitamins & Dietary Supplements Registration and Classification

2.3 Advertising

2.4 Herbal/Traditional Remedies

2.5 Generics

2.6 Consumer Expenditure on Health Goods and Medical Services

Table 1 Consumer Expenditure on Health Goods and Medical Services 2000-2005

2.7 Life Expectancy

Table 2 Life Expectancy at Birth 2000-2005