The global pharmaceutical manufacturing market size was valued at USD 324.42 billion in 2019 before the COVID-19 outbreak occurred owing to increasing prescriptions for chronic diseases. Major pharmaceutical companies are combining their resources to develop effective vaccines to contain the spread of the COVID-19 infection.

The market is expected to grow at a compound annual growth rate (CAGR) of 13.74% from 2020 to 2027. The healthcare sector faced numerous challenges in 2020. Some of them were predictable, while others seemed to come out of the blue. New medicines are becoming harder and more expensive to produce. the median cost of developing and bringing a new prescription drug to market stands at $985.3 million.

The global Pharmaceuticals market is projected to rise at a considerable pace driven by the increasing investments in product R&D. The efforts put in to develop efficient products will bode well for the growth of the overall market in the coming years. the market will derive growth from the presence of several large scale companies across the world. (According to Fortune Business Insights)