COVID-19 continues to have a significant impact on the pharmaceutical industry. Vaccines are expected to increase the net cumulative pharmaceutical market to $500 billion by 2027. As per the report from IQVIA Institute, total spending and global demand for medicines could reach approximately $1.90 trillion over the next five years.
The pharmaceutical industry has continually adopted new strategies and developed advanced technologies through research and development to meet its ever-growing demand. It is estimated to surpass $1 trillion by 2023 due to numerous compounds in the latter stages of clinical trials and many more waiting for approvals.
