Market research firm, Mintel has reported that because of the outbreak of H1N1 (swine flu), people around the world are flocking to drugstores and supermarkets to stock up over-the-counter (OTC) medicines.
Diana Nhan, senior market analyst for Global Market Navigator (GNM) at Mintel, said: “The US cold, cough and throat remedy market saw a 13.4% spike in sales during 2005, when the avian flu dominated media stories. I wouldn’t be surprised to see a similar trend-busting increase in US cold, cough and throat remedy sales for 2009 and the early part of 2010.”
Mintel’s GMN predicts that the Americans will cough up a total $3.6billion on cold, cough and throat remedies this year, 1.7% more than during 2008. In Britain, people could fork over £428 million by year’s end, a 4.2% increase over 2008.
The organisation said that in total, Americans will spend more than $32 billion on OTC pharmaceuticals this year, while Britons dedicate £2.6 billion towards alleviating symptoms. The Chinese are expected to spend over ¥58 billion, while Russians bear out cold weather in the name of $3.4 billion. Mintel GMN expects all four countries to see sales increases for OTC medication in 2010.