COVID-19 has had a severe impact on businesses around the world. Economies of the entire world are suffering and companies are all experiencing losses. Several are facing an upheaval of the lifestyle, and workers are left without jobs. However, pharmaceutical companies are currently taking the center stage to fight against the pandemic and experiencing growth in the stock market.
Moreover, largest pharmaceutical companies are also impacted and having a tough time in the hour of strong clinical need. Pharmaceutical companies are all trying to follow suit during the coronavirus outbreak. The companies are trying to use their capabilities to free the patients from the burden of Coronavirus to a great extent.
US Pharmaceutical Companies
Interestingly, Bayer has successfully donated around three million Resochin tablets (chloroquine) to the US government so that they are used for COVID-19 patients. However, the drug is not yet approved to be used in the US, and the authorities are working along with the company to seek approval.
Novartis is also helping the population by giving them a back at the time of crisis. It has committed to donating almost 130 million doses of hydroxychloroquine. It will surely prove beneficial in aiding the pandemic. However, the company currently only has a registration of the drug in the US. It will have to work with the authorities such as the FDA and EMA so that countries worldwide can have access to medicine. According to the Globaldata, it is expected that both Novartis and Bayer will gain profits and become financial benefits from the use of chloroquine and hydroxychloroquine worldwide.
Consequence faced by Indian Biggest Pharmaceutical companies
Indian Government is planning to fast track the production of API all around the world since it is expected to be one of the significant materials to produce drugs. Currently, 70-80% of the total APIs are sourced by India. It is the key starting material to formulate drugs from China because of viability in costs.
The scheme is known as PLI, and it will promote the local manufacturing of active pharmaceutical ingredients (API). They are used in producing medicine formulations. They are also proven effective in treating some COVID-19 suspected cases and to prevent doctors and healthcare workers to a great extent.
A senior official of the pharmaceuticals department exclaimed that the guidelines for API incentive scheme are set. The team is ready with them and they are planning to give it a kick start from July 1. The main objective behind it is to boost the local manufacturing of several APIs that are vital in the present situation. They are assumed to have prime importance.
A Few other Companies dealing with Pandemic
Pfizer has also made a lot of profit from the sales of their production. They have gained a lot in the time of crisis and coronavirus outbreak. It produces a vaccine for pneumonia, Prevnar 13. This vaccine has seen the expected jump in the sales, and the demand for it has risen suddenly. This is most probably because of the course of coronavirus. The pandemic is causing pneumonia in extremely severe cases with a high mortality rate in patients.
But looking at the evolving situation between India and China, pharmaceutical companies are expecting that the cost of API may increase. They say it may also happen that the supplies of the same are disrupted. A senior executive of the pharma industry said that they are very closely monitoring the situation. He said that we have not heard anything about the disruption in supply.
Cipla has several innovative techniques specifically in flu and respiratory therapy. It will also become one of the first few companies to roll out new drugs that are required to handle the coronavirus pandemic.
Top pharmaceutical companies are doing more trials with different drugs to look for solutions and if something works. New therapies are also publicized to see if these things help people fight the battle with coronavirus and ease down the harmful effect. Drug companies are continuously under pressure, as they are desperately wanting to show their compassion regarding the royalties of drug development. During this time or economic regression, the reputation of pharmaceutical companies is believed to stay on the line. People all over the globe are having health fears due to the outbreak.
The impact of such companies on the fight against the pandemic will not be forgotten easily. Drug companies are making huge profits during the pandemic. They are also earning huge from the newly developed drugs that are helping patients who developed COVID-19.
With the increase of Make in India, people are all planning to restrict the use of Chinese products to a great extent. This has urged companies to produce several things in-house so that they can benefit their own country. Boycotting Chinese products will provide personalized support to the people of India. The money of the people of a country will stay within. Local manufacturing will boost, and the economy may also get better with time.