DRAP slashes price of COVID-19 drug
ISLAMABAD: In a major relief to coronavirus patients, the Drug Regulatory Authority of Pakistan (DRAP) on Monday reduced the price of remdesivir, the first and only approved treatment for COVID-19 in the United States, by Rs1,629 to Rs9,244, ARY News reported.
In a notification, DRAP said that the price of remdesivir injection has been slashed by Rs1,629, adding that the antiviral drug will be sold at Rs9,244 across the country.
The regulatory authority warned that strict legal action will be taken against those who are selling the drug at higher prices.
It is pertaining to mention here that remdesivir has reportedly proved effective against the novel coronavirus and the federal cabinet had approved to reduce the price of the antiviral drug last month. In May, US pharmaceutical company Gilead had allowed Pakistan to produce the antiviral drug in the country.
Earlier on October 24, shares of the drugmaker Gilead Sciences had risen 6% on Friday after its antiviral drug, remdesivir, became the first and only approved treatment for COVID-19 in the United States.
The U.S. health regulator’s approval on Thursday for its use in hospitalized patients had come despite the World Health Organization last week saying the drug did not have a substantial effect on patients’ length of hospital stay or chances of survival in a global trial.
The U.S. Food and Drug Administration’s (FDA) backing signals its confidence in Gilead’s US-based study results, which showed the drug was able to cut time to recovery in patients, Piper Sandler analyst Tyler Van Buren had said in a client note.