Despite the global supply chain disruptions, rising raw material costs, and labor shortages, the pharma industry has witnessed sustained growth thanks to a surge in medical needs amid the COVID-19 pandemic. Furthermore, the industry benefited from a record number of drug approvals last year.
Continuing improvement in research techniques and increasing demand for medical services from an aging population should keep driving the industry’s growth. According to Grand View Research, the global pharmaceutical manufacturing market size is expected to grow at an 11.3% CAGR from 2021 - 2028.
