Research shows that 81% of adults use over-the-counter (OTC) medicines as their first defense against minor ailments. This underscores the significant role of the OTC industry in providing accessible and consumer-centric healthcare solutions.
On November 14th, 2024, the Professional Science Master's (PSM) program hosted The Future of Self-Care, moderated by Dr. Jay Goldring. The event featured a dynamic panel of experts with experience in the OTC field—including drug development, marketing, and business strategy. With New Jersey hosting headquarters for major multinationals and startups, the session was particularly valuable for life sciences students exploring diverse career paths in this exciting and ever-evolving sector.
Meet the panelists
Phil Kantor, MBA, Former marketing director at Glaxo Smith Kline.
Vidhu Bansal-Dev, Pharm. D, Vice President, Rx to OTC Switch and External Innovation at Haleon and a Rutgers alumna from the Pharmacy College.
Keith Lerner, MBA, Managing Director at JaMax Venture Consulting Services.
An overview of OTC drugs
The night began with an overview of OTC drugs and their evolving role in the healthcare sector.
The Food and Drug Administration (FDA) categorizes medicines as either prescription (Rx) or nonprescription (OTC). While prescription drugs require a doctor's supervision, OTC drugs are considered safe and effective for self-use without a prescription. Commonly available at retail outlets like grocery stores, drugstores, and convenience stores, these medicines treat a range of self-treatable conditions such as colds, allergies, and minor pain.
The panelists emphasized OTC drugs' significant role in reducing healthcare costs and alleviating the system’s burdens. Without OTC medicines, consumers seeking prescriptions for self-treatable conditions would require an additional 56,000 full-time medical professionals to meet the demand. OTC products save time, money, and valuable resources by enabling self-care.
The Rx-to-OTC Switch
One key trend that sparked a lively discussion was the Rx-to-OTC switch. This transition, driven by consumer demand for greater control over their health, is reshaping the OTC industry.
Kantor noted that consumers are more informed than ever as they seek convenient, safe solutions to common health issues. Successful examples of Rx-to-OTC switches include ibuprofen, naproxen, and Zyrtec.
This trend is rapidly expanding, with more complex medications for chronic conditions under consideration for OTC status.
The future of healthcare: enhancing accessibility
One study reveals that 92% of those who use OTC medicines annually would seek alternative, often more expensive, treatments if OTC options weren't available. It was then emphasized that the future of self-care lies in expanding access to safe, effective, and affordable treatments.
The panel also highlighted the importance of building consumer-centric products that address physical needs, environmental factors, side effects, and mental well-being. Patients today don't blindly follow doctors' advice—they're actively looking for solutions tailored to their unique circumstances.
Advice for our students
The event concluded with practical advice for students preparing to enter this dynamic industry.
- Build and sustain connections with your advisors, faculty, and peers. These relationships will become invaluable as you navigate your career.
- Don't shy away from hard tasks, because challenges will make you stronger and more prepared for your career. School is the perfect time for you to experiment and step out of your comfort zone.
- Stay resilient, keep your mind open, and don't be afraid to try new things and explore different career paths.
The Future of Self-Care event highlighted the growing importance of OTC medicines and the exciting innovations shaping the industry. Students left with a deeper understanding of the field and valuable lessons about making the most out of their MBS experience. Many thanks to our panelists for their insight!
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