Indian pharma companies take coronavirus ride; production of anti-malarial drugs shoot up 334%

By: |
November 24, 2020 5:41 PM

The production of anti-malarial drugs rose by a record 334.3 per cent from Rs 5.4 crore in H1 FY20 to Rs 21.9 crore in H1 FY21.

pharma industry, medicine, drugs, drug production, hydroxychloroquine, anti-malarial drugICICI Direct said it expects the second half of this fiscal year to reflect the normalisation trend with better execution.

The coronavirus pandemic has devastated almost all corners of the economy; however, the pharma industry has used it as a launchpad. The production of anti-malarial drugs rose by a record 334.3 per cent from Rs 5.4 crore in H1 FY20 to Rs 21.9 crore in H1 FY21, said a report by Care Ratings. The surge in production was led by the recommendation of the ‘National task force for Covid-19’ constituted by the Indian Council of Medical Research (ICMR) to use the anti-malarial drug, hydroxychloroquine for the treatment of a select category of people infected with Covid-19. 

However, as the patients refrained from visiting doctors amid the lockdown, the production of other medicines had a fall, but not as much to offset the surge in the anti-malarial drugs. Prime Minister Narendra Modi today said that India will soon have a safe corona vaccine and urged the state governments to start working on cold storage.

Also Read: Jobs are back, income is not: Workers take lower-paying jobs; still suffer salary cuts

In an effort to boost the Indian pharma industry, Chemicals and Fertilizers Minister D V Sadananda Gowda apprised that the government is proactively looking to provide industrial park facilities to grow active pharmaceutical ingredient (API), pharmaceutical, and nutraceutical industry. He added that the Indian pharma industry will continue to play a prominent role as the pharmacy of the world. We are also encouraging innovation in pharmaceuticals and medical devices, he further said. 

Meanwhile, in the recent SCO summit, PM Modi said that India’s pharma industry sent essential medicines to over 150 nations in this difficult time of an unprecedented epidemic. The Prime Minister had added that the world’s largest vaccine producing country, India will use its capacity to help entire humanity in fighting the crisis. Earlier, he had also said that vaccines made in India are responsible for two-thirds of the vaccine needs of the world’s children and India’s companies are active in international efforts for the development and production of the Covid-19 vaccine.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1TIME TO ACT: Business transformation needs a Business Cloud
2SHARP-QNET ZENSATIONAL AIR PURIFIER: Clean & fresh air on wheels
3Cranking the engine: Going beyond robotic process automation