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 average, it takes about 10-15 years to discover a drug and bring it to market, with the cost soaring as high as $2.6 billion. It's a long, arduous, and expensive process with numerous failures and few successes. However, there's hope on the horizon. Artificial intelligence (AI) has emerged as a powerful tool to overcome these challenges.
According to a 2024 Deloitte report, the world’s top 20 pharmaceutical companies collectively spent $145 billion in research and development (R&D) during 2022-2023. This substantial investment highlights the ongoing pursuit of innovation in medicine.
In 2023, the global over-the-counter (OTC) drug market was valued at $49.68 billion—and that number’s projected to continue growing. On November 16th, 2023, the Professional Science Master’s program spotlighted this unique industry by inviting three esteemed speakers to share their insights with students.
