Concern Sparks over Panic Procurement of Hydroxychloroquine
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The magnitude of demand destruction
prevailing due to Coronavirus is beyond all threshold values anticipated by any
economy. This global pandemic has caused devastating slowdown in diverse
industrial sectors with no ray of hope for recovery in the coming months. The
struggle to survive the outbreak is becoming intense with every passing day on
increasing number of cases and death tolls. With affected countries eyeing on
supplies of drugs and equipments to combat the virus, Hydroxychloroquine (HCQ)
drug has become a major potential necessity as it is reported to be serving
well for the treatment of the disease. Hydroxychloroquine is a drug typically used
for treating malaria and other immunity syndromes like lupus and rheumatoid
arthritis.
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The demand for HCQ has been intensified
since the day Trump, president of U.S, released a statement mentioning it as
“Gift from God”, a miraculous cure for Covid-19. U.S is reported to be the
worst hit country by novel virus with highest number of cases and death tolls.
As a preventive measure, the country is looking forward to stockpile supplies
of Hydroxychloroquine from Indian pharmaceuticals, so that the treatment is not
hindered. Although, there hasn’t been any official probe or declaration form
leading health organisations like FDA and WHO confirming over the effectiveness
of the drug in treating patients tested positive with COVID-19. Over the news
of a miraculous drug, sudden excitement for procurement of Hydroxychloroquine
has been noticed within the affected countries. India, regarded as the world
pharmacy of drugs, with exceptional capacity to make high quality and
affordable drugs has come under tremendous pressure to cater to the unprecedented
demand for HCQ considering the ‘humanitarian aspect’.
IPCA Pharmaceuticals, Mangalam
Drugs and Zydus Cadilla, are leading manufacturers of raw material for HCQ in
India whereas Wallace Pharmaceuticals and Cipla Pharmaceuticals are engaged in
the production of HCQ itself. Pharma companies are ramping up their production
capacities and aiming to enhance it by 5-6 times over rising stress on surge in
demand for the drug. These pharmaceutical companies have assured enough stock
to satisfy the domestic demand under priority. On the other hand, decision to
export drugs to other countries will be based on the severity of the crises.
India being among the leading pharmaceutical
drug manufacturing countries, was asked to remove ban on exports of critical
drugs to encourage an easy flow of trade to the affected countries. On its
part, extending a wholesome effort to stand united to eradicate this disease, it
has relaxed ban on export of selective drugs. Although it is monitoring the
production and demand of HCQ and paracetamol in the domestic market to ensure ample
supply.
According to analysts,
astonishing change in trade decisions taken over night might save the country against
retaliations from U.S but the dilemma is , whether it will continue to be effective for its own
benefit when the number of cases will witness an alarming surge. Government
needs to be smart to maintain two-way relations with U.S by mentioning about
country’s stress on Remdesivir, the most promising treatment till date for
Covid-19. Moreover, pandemic crises have highlighted the irony in India’s trade
regulations that partially favours rich nations even in tough times. Considering
the healthcare scenario of the nation, India should also focus on availability
of these drugs at an affordable price for diseases like Cancer and
Tuberculosis. The shift in export regulation comes with several stressing
loopholes but in contrast, this can be an exceptional opportunity for Pharma
and Healthcare industries eyeing to widen their profit margins by expanding
their export business.
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