  This study investigates the impact of significant health events on
pharmaceutical stock performance, employing a comprehensive analysis
incorporating macroeconomic and market indicators. Using Ordinary Least Squares
(OLS) regression, we evaluate the effects of thirteen major health events since
2000, including the Anthrax attacks, SARS outbreak, H1N1 pandemic, and COVID-19
pandemic, on the pharmaceutical sector. The analysis covers different phases of
each event beginning, peak, and ending to capture their temporal influence on
stock prices. Our findings reveal distinct patterns in stock performance,
driven by market reactions to the initial news, peak impact, and eventual
resolution of these crises. We also examine scenarios with and without key
macroeconomic (MA) and market (MI) indicators to isolate their contributions.
This detailed examination provides valuable insights for investors,
policymakers, and stakeholders in understanding the interplay between major
health events and health market dynamics, guiding better decision-making during
future health related disruptions.
