Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

India bans exports of Remdesivir drug as new COVID-19 cases hit another record

Published 04/11/2021, 10:00 AM
Updated 04/11/2021, 10:06 AM
© Reuters. Devotees gather for an evening prayer on the banks of Ganges river during Kumbh Mela in Haridwar

By Devjyot Ghoshal and Krishna N. Das

NEW DELHI (Reuters) -India on Sunday banned the export of anti-viral drug Remdesivir and its active pharmaceutical ingredients as demand rocketed due to a record surge in COVID-19 infections and led to crippling shortages in many parts.

New COVID-19 cases surged to 152,879 on Sunday, the sixth record rise in seven days, overwhelming hospitals in some regions. India, known as the pharmacy of the world, has already stalled major exports of coronavirus vaccines.

In addition to the Remdesivir ban "till the situation improves", the health ministry said in a statement that manufacturers had been asked to step up supplies.

Seven Indian companies have licensed the drug from Gilead Sciences (NASDAQ:GILD), with an installed capacity of about 3.9 million units per month, for local use and exports to more than 100 countries.

The companies are: Cipla Ltd, Dr. Reddy's Laboratories Ltd, Hetero Labs Ltd, Jubilant Life Sciences Ltd, Biocon Ltd's Syngene, Zydus Cadila Healthcare Ltd and the Indian unit of Mylan (NASDAQ:VTRS).

The World Health Organization in November issued a conditional recommendation against the use of Remdesivir in hospitalised patients, regardless of disease severity, saying there was no evidence that the drug improved survival and other outcomes in these patients.

Many countries, including India, however, have continued to use it.

India leads the world in the daily average number of new infections reported in more than two weeks, accounting for one in every six infections reported globally each day, according to a Reuters tally.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Deaths have also surged, with the health ministry reporting 839 fatalities on Sunday - the highest in over five months - taking the total to 169,275.

India's tally of more than 13.35 million cases is the third-highest globally, behind only the United States and Brazil.

BLACK MARKETING

India's drug regulator and some state governments have in recent days raised concerns over hoarding and black marketing of Remdesivir, which in some instances is being sold at over 10 times the maximum retail price.

Social media posts on Sunday showed large queues of people in the western state of Gujarat waiting to buy Remdesivir injections for COVID-19 patients.

"Every day the central government is providing 50,000 Remdesivir injections but all of them are getting consumed," Rajesh Tope, health minister of India's hardest-hit Maharashtra state, told reporters this week. "Pharmacists and stockists might be doing black marketing and that needs to be checked."

The federal health ministry wrote to Maharashtra, which is home to the financial capital Mumbai, asking local authorities to improve COVID-19 testing and deploy more manpower.

"Rostering of health care workers, hiring of contractual health workers need to be expedited," the letter from India's top health bureaucrat said, flagging an acute shortage of healthcare workers in seven districts of Maharashtra.

Authorities have blamed the resurgence of the virus mainly on crowding and a reluctance to wear masks, even as election rallies and religious gatherings have continued in recent weeks.

Thousands of people thronged the banks of the holy Ganges River in Haridwar city on Sunday for prayers during the Kumbh Mela - where up to five million are expected on certain days.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Authorities have made it mandatory for all people entering the area to take COVID-19 tests. But many devotees on Sunday gathered by the river without masks, in densely-packed crowds.

Latest comments

hcq is the best drug that no one uses
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.