Kenvue Inc, a United States-based consumer health company, will allocate more resources to innovate over-the-counter (OTC) drugs and health supplements to keep pace with the rapidly evolving market trends in China, said a senior executive.

OTC drugs refer to medications that can be purchased without a prescription from a healthcare professional. These drugs are typically used to treat common ailments such as headaches, colds, allergies and minor aches and pains.

"We have discovered that with the continuous optimization of the policy environment, the increase in national income levels and health awareness and the expansion of the aging population in China, the consumer health industry will unlock new growth opportunities in the country," said Gift Samabhandhu, president of Kenvue China.

Additionally, evolving consumption needs among young groups will drive the industry to a new stage, fueled by technological innovation to meet diversified, digital and personalized demands, said Samabhandhu.

The company, formerly known as the consumer healthcare division of the US multinational corporation Johnson & Johnson, participated in a key industry event held by the Investment Promotion Agency of the Ministry of Commerce and China Society for World Trade Organization Studies in Xiamen, Fujian province, in early September.

At the event, the Investment Promotion Agency of the Ministry of Commerce, in collaboration with local commerce departments, industrial parks, Fortune 500 companies, financial institutions and professional consulting firms, jointly released the 2024 China Consumer Health Industry Development Report.

The report focuses on the consumer health industry in China, discussing the current state of the industry, development trends, challenges and opportunities it faces, providing an outlook for its future development.

The aim is to help various stakeholders understand the development trajectory of China's consumer health industry, offering references and insights for local governments, industrial clusters, domestic and global companies, as well as related professionals, according to the Ministry of Commerce.

Samabhandhu said this report will drive innovation and development across the entire value chain of the consumer health industry, creating a positive ecosystem among regulatory agencies, businesses and consumers, and ultimately benefiting the well-being of more Chinese consumers with high-quality products and services.

"We look forward to this report further promoting communication and cooperation between the government and the industry, jointly exploring more in areas such as market regulation, product registration and access," she added.