Factors Affecting Consumers’ intention to buy OTC Medicines: An Empirical Study of the Greek Market

The market of over-the-counter medicine is experiencing rapid growth the latest years driven by various key factors. These include increased health awareness with social media platforms playing a key role, the wellbeing trend rising especially after COVID- 19 era, the aging population and the significant need for convenience in busy lifestyles. In the global scale OTC market reached over $164 billion USD in 2022 and is expected to grow at an annual rate of 4.5% from 2024–2029. In Greece, the OTC market is also rising with similar rates. The market is expected to show a steady annual growth rate of 3.59% in the coming years. The current study is conducted in the Greek market and aims to identify the influence of various influential factors of decision making on the intention to buy and OTC medicine. The factors included in the study are past experience, professional advice, friends and family recommendations, marketing activities (including digital advertising), price, and drug availability. In addition, the study examines the impact of sociodemographic factors such as age, gender, and level of education on the relationships between the dependent and independent variables. For this research a quantitative approach was employed. Specifically, a cross-sectional study was conducted among Greek citizens with an online questionnaire that participants completed anonymously. The outcomes of the study indicate that past experience, professional advice, digital marketing strategies and drug availability have a significant positive impact on consumers’ intention to buy over the counter medications. (p< 0.05) The study contributes to a better understanding of the dynamics of the OTC market in Greece. Therefore, offers key insights that could help marketers of pharmaceutical industry to construct better strategies tailored to their target audience and become market leaders in the highly competitive market of OTC medicine.