New Healthcare research report from Euromonitor International is now available from Fast Market Research
[ClickPress, Fri Dec 18 2015] As Costa Ricans continue to adopt fast-paced lifestyles and the population ages, the demand for muscle relaxants along with drugs for chronic pain remain the major sales drivers within analgesics, and NSAIDs are the first-choice treatments for such conditions. People tend to rely on other consumers’ feedback for specific analgesic options, while healthcare specialists’ advice (often the regent pharmacists) also influences the purchase decision. Distributors’ incentives offered to pharmacists and other outlets continue gaining in relevance as a major industry trend in Costa Rica, especially as generic options require differentiated marketing strategies to reach buyers.
Generics continued to lead analgesics sales in Costa Rica during 2015, accounting for an 18% value share. The products’ pricing and wide availability at most local chemists/pharmacies guarantee significant demand. It is usual to find between two and four of the most popular NSAIDs at most health and beauty specialist retailers, where distributors’ incentives and trade marketing efforts play a key role in determining which generic options are offered to buyers. In second and third place in 2015 were Novartis Consumer Health SA and Bayer Centroamérica y El Caribe, which accounted for a 15% and 12% value share respectively. These manufacturers’ success is based on the strong exposure and traditional recognition of their most-established brands, which include Voltaren and Cataflam in the case of Novartis, and Bayer Aspirin, Dorival and Aleve in the case of Bayer.
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Generics are anticipated to keep pushing analgesics sales towards a more-value-orientated positioning over the forecast period, requiring branded products to develop additional differentiation efforts to remain competitive amid the increasing pressure derived from the rising popularity of cheaper options. In such a context it is anticipated that makers of value-added/branded products will keep investing in new delivery mechanisms, molecular combinations and more-convenient and effective packaging presentations, keeping the competitive edge achieved throughout the years.
Discover the latest market trends and uncover sources of future market growth for the Analgesics industry in Costa Rica with research from Euromonitor's team of in-country analysts.
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The Analgesics in Costa Rica market research report includes:
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