PHARMACEUTICAL TESTING SERVICES MARKET ANALYSIS
Global Pharmaceutical Testing Services Market – Dynamics
The increasing number of drug approvals is expected to propel the global pharmaceutical testing services market growth over the forecast period. For instance, according to the U.S. Food and Drugs Administration (FDA) fact sheet, until November 2020, there are over 20,000 prescription drug products approved by the U.S. FDA for marketing.
Due to the COVID-19 pandemic, the U.S. regulatory authorities have released several new guidelines related to quality and manufacturing of drugs, this may help to boost the global pharmaceutical testing services market growth over the forecast period. For instance, on May 17, 2021, the U.S. Food and Drug Administration (FDA) posted a new guidance document titled ‘COVID-19: Master Protocols Evaluating Drugs and Biological Products for Treatment or Prevention’, to guide sponsors of pharmaceutical companies about the new procedure on drug evaluation and testing. These factors are expected to support the global pharmaceutical testing services market growth over the forecast period.
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