The vaccine manufacturing sector is experiencing brutal market dynamics right now. Producers are wrestling with a perfect storm—cutthroat competition driving prices into a downward spiral, margins getting squeezed from every angle. What's happening here? It's a microcosm of broader deflationary forces rippling through major economies.

When an entire industry watches profits evaporate despite stable demand, you're seeing something bigger at play. Price wars rarely end well for anyone except consumers in the short term. But this erosion pattern? It mirrors the deflationary headwinds hitting various sectors across the globe's second-largest economy. Worth watching how this pressure translates into other manufacturing domains and whether it influences monetary policy responses downstream.