Concern Sparks over Panic Procurement of Hydroxychloroquineby Chem Analyst Chemical Database Price
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.
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.
ChemAnalyst is ‘one stop’ online portal that offers comprehensive market intelligence data and in-depth analysis on the Indian chemical and petrochemical industry. Our aim is to provide competitive advantage to the industry stakeholders by offering ‘cutting edge’ information and analysis that help our customers leverage on the emerging opportunities in their businesses.
ChemAnalyst’s team of 100+ analysts are engaged in tracking Chemical Prices daily, production capacity, demand and supply outlook, manufacturing plant locations, foreign trade data and news/deals for more than 400 major chemicals produced in India. ChemAnalyst’s Interactive subscription platform provides the most comprehensive data and analysis in your industry to help you decide the future.
ChemAnalyst is promoted by TechSci Research (TSR). TSR is an award winning research based management consulting firm providing market research and advisory solutions to the customers worldwide, spanning a range of industries including Chemicals & Material, Automotive, Consumer & Retail, ICT, Energy & Power, Aerospace & Defense, Water and Waste Management, BFSI and more.
For more information, please visit us at
Created on Apr 13th 2020 05:25. Viewed 180 times.