Drug repurposing and reformulation are current trends in pharmaceutical industry in combating the limitations of slow-paced drug discovery and development process. Drug repurposing utilizes existing clinically approved drug molecules for new therapeutic purpose, thus reviving old drugs by investigating and reformulating them for new pharmacological activity. This therapeutic switching emerged as an efficient mode for developing new pharmacological active drugs, henceforth reducing failures in drug development, timelines of the drug development process, and the cost involved in the process. Moreover, drug repurposing also marks a breakthrough in drug discovery through realizing the 3 Rs principle, as therapeutic switching furnishes a surrogate mode that aligns with replacement, refinement, and reduction of animals for new drug research to fast-track drug discovery. During pandemic, drug repurposing evolved as a resolution for the need of urgent new drug moieties that can offer different mechanisms for preventive and therapeutic efficacy against COVID-19. Emphasizing on this current development as a consequence of trending drug repurposing, this chapter will focus on how drug repurposing is shaping drug research, pharmaceutical industries’ trends, and market strategies. This chapter will also offer an insight into how repositioning of drugs came forward to manage COVID-19.