Hydroxychloroquine (HCQ) market is gaining momentum from the past few weeks due to the sudden outbreak of COVID-19 across the globe. This drug is mostly used to treat various diseases such as rheumatoid arthritis, lupus, and malaria. But, after the approval from the FDA and current lack of clinical trial results, this drug came into limelight for the treatment of coronavirus disease, which is further expected to generate a million-dollar opportunity for companies engaged in the production of HCQ tablets. This drug has been approved by the FDA in the past one week. Also, according to the recent study conducted by IHU, Méditerranée Infection, based in France, for diagnosis, the combination of HCQ and Azithromycin (AZ) proved to be a safe and efficient treatment for COVID-19.
During this unprecedented event, India accounted for the largest producer of HCQ tablets, which exported around USD 51 million valued drugs in 2019. Also, India is the early adopters of these drugs for the treatment of coronavirus diseases. This is attributable to the large cases of Malaria in India. Moreover, demand is expected to be further propelled by a large consumer base and has surged the demand for such inexpensive drugs on a sudden note. The demand for HCQ experienced continuous growth from countries such as the US, Brazil, and many more in recent times. Ipca and Zydus Cadila are amongst the top manufacturers of HCQ drugs. Recently, the US FDA lifted import alerts on its plants, paving the way for the firm to export it to the US.
Hence, HCQ tablets are expected to change the current market scenario and in turn, will lead to transformational growth in the coming years.
Key players operating in the global HCQ for COVID-19 Market are ICPA,Zydus Cadilla, Sanofi, Hikma Pharmaceuticals, Novartis, Actavis (TEVA ), Apotex Corporation, Mylan, Covis Pharmaceutical, and many others.
As the world is strengthening its fight against COVID19, we deep dive into the Hydroxychloroquine market. Hydroxychloroquine is looked at as a possible treatment for the COVID19 virus. Our report looks into the major players in the field of raw material and manufacturing of COVID19.
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