Coronavirus impact: Ipca, Cadila Healthcare stocks gain on India's HCQ move
Apart from the US, Brazil and Sweden have requested for the drug to battle the Covid-19 scare in their countries.
Given the unprecedented demand for the ‘wonder drug’, manufacturers say the chronic rheumatoid arthritis patients who take HCQ daily may find it difficult to source it now. HCQ is used to treat auto-immune disorders like rheumatoid arthritis, lupus,
India’s move to allow the export of hydroxychloroquine (HCQ), touted as a “wonder drug” for treating Covid-19, did wonders for the stock prices of the two largest manufacturers in the world — Ipca Laboratories and Cadila Healthcare — on Tuesday.
Following pressure from US President Donald Trump, lifting the ban on exports of this drug was expected to be only a matter of time. India’s Ministry of External Affairs (MEA) said on Tuesday that both HCQ and paracetamol (a common pain and fever drug) would be kept in the licensed category and their demand position would be continuously monitored.
“However, the stock position could allow our companies to meet the export commitments that they had contracted,” the MEA said.