COVID-19 disease is swiftly spreading over the globe. There were no specific approved drugs or therapies at the start of the pandemic. Hence, the management of these patients involves optimized supportive care. Researchers worldwide are analyzing the viral structure viruses pathophysiology to develop new drugs and repurpose the currently approved drugs. Regulatory authorities worldwide, such as the USFDA, EMA, CDSCO, etc. are working closely with these scientists. They are expediting their efforts by providing advice, technical assistance, regulatory flexibility, and leveraging on scientific information from the trials conducted across various parts of the globe. These efforts have led to emergency use authorizations and restricted emergency use approvals of a few drugs, namely remdesivir, favipiravir, and 2% propofol emulsion for use in COVID-19 patients. The USFDA has revoked the approval of chloroquine and hydroxychloroquine. Many more new drugs are in the pipeline for their antiviral or immunomodulatory or other supportive mechanisms of action. These drugs are under the radar of regulatory authorities who are monitoring their efficacy and safety firmly as the world hopes to find a solution to combat this pandemic.