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The global pharmaceuticals market size is expected to reach USD 2,151.1 billion by 2027 owing to the growing demand for advanced healthcare facilities to expedite vital pharmaceutical processes amid the widespread effect of the COVID-19 pandemic that is driving the adoption of modern technologies such as automation across the globe. Fortune Business Insights, in its latest report, titled, “Impact of COVID-19 on Pharmaceuticals Market Size, Share & Industry Analysis, By Type (Drugs (Prescription Drugs and OTC Drugs), Vaccines), By Indication (Anti-viral, Anti-infective, Anti-hypertensive, Oncology, Respiratory Disease, Cardiovascular Disorders, Neurology Disorders, Diabetes, and Others) By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and Regional Forecast, 2020-2027.”, observes that the market stood at USD 1,230.2 billion in 2019 and is projected to exhibit a CAGR of 7.0% between 2020 and 2027.
Kool-ex Announces Partnership with IndoSpace to Build Advanced Pharmaceuticals Distribution Centers
In September 2020, Kool-ex, a leading pharma cold chain transportation expert, announced its partnership with Indospace, India’s leading logistics and industrial real estate developer. The partnership is aimed at developing GDP/GWP compliant, temperature controlled, and customized distribution centers across the country. The companies have planned to further develop three advanced warehouses in the first phase by 2021.
By offering complete pharmaceutical solutions with Tessol, the distribution centers will be fully equipped to handle end to end supply chain operation of the COVID-19 vaccine. Such initiatives by the major pharma players amid the novel coronavirus will drive the global market for pharmaceuticals in the forthcoming years.
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Increasing Adoption of Cognitive Technologies in Healthcare to Augment Growth
The evolving patient demand is propelling the pharmaceutical companies to adopt advanced technologies such as automation, machine learning, and artificial intelligence (AI). According to the report by Deloitte, leading pharmaceutical companies globally have automated up to 95% of the regulatory filing required for the drug launches. The companies have enhanced their supply chain management through the incorporation of predictive analytics, digital tools, and accurate tracking systems. Therefore, the growing adoption of cognitive technologies is expected to contribute to the global pharmaceuticals market growth during the forecast period.
Partnership between Prominent Companies to Expand Their Product Portfolio & Boost Sales Revenue
The global pharmaceuticals market comprises several small, medium, and large companies that are focusing on maintaining a stronghold by establishing partnership with other companies. Additionally, they are adopting strategies such as merger and acquisition, collaboration, and facility expansion that will favor the market growth.
List of the Companies Profiled in the Global Market for Pharmaceuticals:
Further Report Findings:
Table of Segmentation:
Value (USD billion)
By Distribution Channel