Factors affecting Consumer Purchase Decisions of Medicine without Prescriptions in OTC: A Study in Bangladesh
Author(s)
Md. Rakibul Hassan, Md. Zillur Rahman SiddiqueAbstract:
With the pharmaceutical business growing and with some experience in a pharmaceutical working environment, the authors have chosen to explore this field further through research. The pharmacy sector has its interesting structure as medicine prices are the same in all pharmacies, and therefore they lack in price competition in comparison to stores of the daily consumer goods trade. This current study aims to find out the determinants of consumers’ purchasing decision of medicine regarding overthe-counter (OTC) pharmaceutical market. The convenient sampling method is used for the selection of the sample. The study applied statistical tools for factor analysis and descriptive statistics to achieve the objectives. The results of factor analysis revealed five factors named as: reputation, knowledge, brand preference, brand favorability and willing to pay. All independent variables are connected with the dependent variable. Company reputation, fewer influences of packaging, shop keepers’ suggestions have the most influence over medicine purchase decision.
Keywords: Factors, Brand reputation, Purchase Decision, Over the Counter Drugs
JEL Code: M31