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<ul><li>India has decided to partially lift the ban on the export of the ‘wonder drug’ <keyword id="4751090" type="PERSON" weightage="20" keywordseo="Hydroxychloroquine">Hydroxychloroquine</keyword>, an anti-malaria drug that is used to treat <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">Coronavirus</keyword>. </li><li>The move comes as the US President Donald Trump appealed to the Indian government for an urgent supply of the drugs. </li><li>Trump said that he was unaware of the development and didn’t “like that decision.” </li><li>Scientists and experts are still uncertain of its impact in controlling Coronavirus in particular, though it is effective against viral infections in general. </li><li><a href="https://www.businessinsider.in/searchresult.cms?query=coronavirus&amp;sortorder=effectivedate">Follow the comprehensive coverage of the coronavirus pandemic and its impact, and other useful resources that can help you in the fight on Business Insider India.</a></li></ul>India has decided to partially lift the ban on the export of the ‘wonder drug’ Hydroxychloroquine, an anti-malaria drug that is used to treat Coronavirus. <a href="https://theprint.in/diplomacy/india-partially-lifts-ban-on-export-of-hydroxychloroquine-hours-after-trumps-threat/396792/">According to</a> a report by ThePrint, both paracetamol and hydroxychloroquine will be supplied to ‘clear the existing orders’. While all other medicines under the ‘free’ category will also be shipped now. The move comes after the US President Donald Trump appealed to the Indian government for an urgent supply of those two drugs and even warned of a retaliation. India had banned the export of hydroxychloroquine recently after its own cases rose. However, Trump said that he was unaware of the development and didn’t “like that decision.” Trump believes that the combination of two drugs — antibiotic azithromycin and hydroxychloroquine — a ‘game changer’ for treating Coronavirus. It works for virals but can it cure Covid-19? Though Trump has called this drug ‘a gift from heaven’, most scientists and experts have their doubts of its impact in controlling Coronavirus in particular. It is however effective against viral infections in general. <div type="image" title="corona2" msid="74809541" hostid="261"></div> India too seems to be banking on the drug. "Hydroxy-chloroquine is found to be effective against Coronavirus in laboratory studies and in-vivo studies. Its use in prophylaxis is derived from the available evidence of benefit as treatment and supported by preclinical data," IANS reported citing the advisory by the Ministry of Commerce and Industry. International experts however are divided. David Sullivan, professor of microbiology at the Johns Hopkins Bloomberg School of Public Health and an infectious disease physician<a href="https://time.com/5808894/hydroxychloroquine-coronavirus/"> believes that if the drug genuinely worked for Coronavirus infection</a>, the healthcare professionals would know it by now. “Right now we have no clinical evidence that it works,” he said. Yet, Covid-19 is a fairly new infection and there are few studies on its workings and hence the drugs that can contain it. Clinical trials can help extract critical information on its use and dosage, <a href="https://time.com/5808894/hydroxychloroquine-coronavirus/">said</a> Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases and member of the White House Coronavirus Task Force. French and Chinese studies support US’ claims Right now, the only evidence medical professionals around the world have are a few random studies. A French study which examined infected patients showed that the level of virus in blood <a href="https://time.com/5808894/hydroxychloroquine-coronavirus/">dropped after medication</a>. <div type="image" title="close-up-1853400_1920" msid="74809570" hostid="261"></div> Another Chinese study reiterated the same results. Approximately 100 patients were tested in China, where the disease first started, and the combination of the two drugs — antibiotic azithromycin and hydroxychloroquine — was found to reduce viral infection. However, as far as the lab studies of Hydroxychloroquine are concerned, the researchers found that it could stop viruses like influenza and SARS-CoV-2 from infecting human cells. But, there is still a lag. “The problem is that what happens in the lab often doesn’t predict what happens in a patient,” Dr Otto Yang of the University of California, Los Angeles <a href="http://v">told</a> the TIME. <div type="image" title="laboratory-3827745_1920" msid="74809614" hostid="261"></div> Side effects of hydroxychloroquine The drug however is strictly prohibited for those below 15 years and above 60 years due to possible side-effects on kidney and heart. In spite of stamping on the drug, Indian Council for Medical Research (ICMR) scientist Raman Gangakhedkar warned against self-medication. "Do not go for the COVID-19 test just on suspicion or consume hydroxychloroquine without a doctor's prescription because the medicine has its side effects,” he told IANS. See also: <a href="https://www.businessinsider.in/india/news/those-who-violate-coronavirus-lockdown-could-be-jailed-for-2-years-and-fined/articleshow/74807160.cms">Those who violate Coronavirus lockdown could be jailed for 2 years and fined</a> <a href="https://www.businessinsider.in/india/news/coronavirus-death-cases-in-india-all-those-who-died-of-coronavirus-their-age-medical-and-travel-history/articleshow/74787832.cms">All those who died of Coronavirus in India, their age, medical and travel history</a> <a href="https://www.businessinsider.in/india/news/heres-how-a-21-day-lockdown-might-help-break-the-covid-19-chain/articleshow/74802999.cms">Here's how a 21-day lockdown might help break the Covid-19 chain</a>

The US is banking on India’s Hydroxychloroquine medicine — yet experts have their doubts

New Delhi, Apr 5 () The government has tightened the export ban norms on anti-malarial drug hydroxycloroquine by including special economic zones (SEZs) under its prohibition ambit to ensure there is no shortfall during Covid-19 crisis.The drug is also not allowed to be shipped by export oriented units (EOUs) or under any export promotion scheme."The export of hydroxycloroquine and formulations made from hydroxycloroquine...is no longer allowed from SEZs/EOUs or against Advance Authorisation or against full advance payment...The export shall remain prohibited without any exception," the directorate general of foreign trade (DGFT) has said in a notification.Under advance authorisation (AA) scheme, firms are allowed to import raw material at zero duty but with the condition of export obligation within a certified time frame. SEZs are treated as foreign territory in terms of customs laws.Normally export ban or restrictions imposed by the government does not apply on these zones as well as EOUs, which are specially meant to promote outbound shipments from the country.In the case of export restrictions imposed on certain APIs and formulations, the government clarified that these curbs would not be applicable for units in special economic zones (SEZs).Exporters availing AA scheme benefits too get these exemptions. But now the government has decided to include all this under the ambit of export ban due to the outbeak of coronavirus and increase in demand for this medicine.The move assumes significance as Indian Council of Medical Research (ICMR) had recommended the use of hydroxychloroquine for treating healthcare workers handling suspected or confirmed coronavirus cases and also the asymptomatic household contacts of the lab-confirmed cases.On March 25, the government banned export of anti-malarial drug hydroxycloroquine with immediate effect to ensure sufficient availability of the medicine in the domestic market.In that notification, the DGFT had stated that export will be permitted from the SEZ and EOUs and in cases where the outbound shipment is made to fulfill export obligation under any advance authorisation license issued on or before the date of this notification, which is March 25, 2020.With US President Donald Trump describing hydroxychloroquine as a "game changer" in the fight against COVID-19 and several countries, including India, approving it for emergencies, pharmacies are reporting a surge in demand for the drug yet to be proven as a cure for the virus.Over the last few weeks, India has banned exports of host of medical devices, including sanitiser, all types of ventilators and surgical masks.There is a shortage of hand sanitiser and face masks in the market amid the coronavirus outbreak as people resorted to panic buying. RR BALBAL

Govt tightens export ban norms for anti-malarial drug hydroxycloroquine

New Delhi, Apr 2 () The government has again extended the date for implementation of track and trace system for exports of drug formulations till October 1 this year, according to directorate general of foreign trade (DGFT).The decision is applicable for both non-SSI (small scale industry) and SSI-manufactured drugs."The date for implementation of track and trace system for export of drug formulations with respect to maintaining the parent-child relationship in packaging levels and its uploading on central portal has been extended upto October 1 this year for both SSI and non-SSI manufactured drugs," DGFT has said in a public notice.The date has been extended from time to time. The last extension was till April 1, 2020.The manufacturer or exporter of drug formulations will have to print the barcode as per the global standards at different packaging levels - primary, secondary and tertiary - to facilitate tracking and tracing of their products.Barcode helps in tracking and tracing origin of drugs, which minimises the chances of genuine medicines being considered spurious, sub-standard or counterfeit.In a separate notification, the DGFT have also provided one time relaxation for steel importers to comply with the procedures of Steel import monitoring system (SIMS)."One time relaxation is provided through extension of validity to 135 days of the automatic registration number generated under SIMS till march 31 this year," it has said.Under SIMS, steel importers are required to submit advance information in an online system for import of items and obtain an automatic registration number by paying specified registration fees.The importer can apply for registration not earlier than 60th day and not later than 15th day before the expected date of arrival of import consignment. The registration number granted remains valid for 75 days.These registration numbers which are generated till March 31 this year will remain valid for 60 days beyond the 75th day period.In view of delays in shipments due to Covid 19 breakout, it said the registration number generated till March 31 shall remain valid for a period of 135 days. RR SHWBAL

Implementation date for track, trace system for exports of drug formulations extended

New York, <keyword id="4751090" type="PERSON" weightage="20" keywordseo="Hydroxychloroquine">Hydroxychloroquine</keyword>, an anti-malarial drug termed potential "game changer" for COVID-19 by US President <keyword id="6354484" type="PERSON" weightage="20" keywordseo="Donald-Trump">Donald Trump</keyword>, showed no benefit in treating patients with the disease in Veterans Health Administration medical centres in the US, says a study. In fact, the risk of death was found to be higher in those treated with hydroxychloroquine than in the group that included patients not treated with the drug, according to the findings published in the preprint repository medRxiv. For the study, the researchers performed a retrospective analysis of data from patients hospitalised with confirmed SARSCoV-2 infection in all US Veterans Health Administration medical centres until April 11. Patients were categorised based on their exposure to hydroxychloroquine alone (HC) or with the antibiotic azithromycin (HC+AZ) as treatments in addition to standard supportive management for Covid-19. A total of 368 patients were evaluated. Rates of death in the hydroxychloroquine alone group was 27.8 per cent. The rate of death in the hydroxychloroquine and azithromycin group was 22.1 per cent and in the no hydroxychloroquine, it was even lower, 11.4 per cent, the results showed. The researchers found that the risk of ventilation was similar in the HC group and in the HC+AZ group, compared to the no HC group. "In this study, we found no evidence that use of hydroxychloroquine, either with or without azithromycin, reduced the risk of mechanical ventilation in patients hospitalised with Covid-19," said the study carried out by <keyword id="9092728" type="PERSON" weightage="20" keywordseo="joseph-magagnoli">Joseph Magagnoli</keyword> from Dorn Research Institute, Columbia VA Health Care System and colleagues. "An association of increased overall mortality was identified in patients treated with hydroxychloroquine alone. These findings highlight the importance of awaiting the results of ongoing prospective, randomized, controlled studies before widespread adoption of these drugs," the researchers concluded. Despite limited and conflicting data on the use of hydroxychloroquine in patients with COVID-19, the US Food and Drug Administration has authorised the emergency use of this drug when clinical trials are unavailable or infeasible. Hydroxychloroquine, alone or in combination with azithromycin, is being used in Covid-19 therapy based on anecdotal and limited observational evidence in several countries.

Hydroxychloroquine shows no benefit in COVID-19 patients: Study

Dubai, Apr 16 () India is fast-tracking procedures to supply hydroxychloroquine, a drug considered to be efficient in fighting the coronavirus, to the UAE after a request from the country's government, media reports here quoted the Indian envoy as saying.India's Ambassador to the UAE Pavan Kapoor said there is a huge demand for the anti-malarial drug from many countries and India is considering it on a case to case basis."As the drug is on the restricted list, we are obviously giving exception to the UAE, given the friendly relations between the two countries," Khaleej Times quoted Kapoor as saying.The global demand for hydroxychloroquine (HCQ) manufactured by India got a boost after some studies indicated that the drug, when paired with azithromycin, helped clear patients of the virus at a much faster rate than seen usually."There was a request from the government of the UAE to help out with the supply of HCQ," the Gulf News quoted Kapoor as saying.Kapoor said a few companies in the UAE requested the government to import the drug to the country."We received a note verbale from the UAE government also seeking support for the supply through those companies," he said."Whatever requests were made, we made sure that they reached the right authorities in the right format since this is a restricted medicine," Kapoor said.He said India is permitting the export of HCQ on a case-by-case basis on the request from governments of friendly countries. With the UAE government backing up the local companies' request for import for the medicine, he said, India is fast-tracking the procedures.The UAE Ministry of Health and Prevention on Wednesday announced 432 new cases of the Covid-19 coronavirus, bringing the total number of cases to 5,365.The country has reported 33 deaths, including five expats of different nationalities. In a humanitarian gesture, India on Wednesday gifted life-saving drugs, including Hydroxychloroquine tablets, to Mauritius and Seychelles to help them deal with the coronavirus pandemic that has infected 2 million people worldwide.Mauritius Vice Prime Minister Leela Devi Luchoomun Dookun received the consignment of half a million Hydroxychloroquine tablets that arrived here on Wednesday evening through a special Air India cargo flight from Delhi, the Indian High Commission in Port Louis said in a statement. Mauritius is one of the first countries to receive supplies of this medicine after a special exemption was granted for a few countries. NSA

India fast-tracks Covid-19 fighting drug supplies to UAE

Port Louis, Apr 15 () In a humanitarian gesture, India on Wednesday gifted life-saving drugs, including Hydroxychloroquine tablets, to Mauritius and Seychelles to help them deal with the coronavirus pandemic that has infected 2 million people worldwide.Mauritius Vice Prime Minister Leela Devi Luchoomun Dookun received the consignment of half a million Hydroxychloroquine tablets that arrived here on Wednesday evening through a special Air India cargo flight from Delhi, the Indian High Commission in Port Louis said in a statement."The shipment was made possible as a special gesture although a restriction on its export from India continues to be in force in view of the unprecedented prevailing difficult situation because of COVID-19 global pandemic," it said.Mauritius is one of the first countries to receive supplies of this medicine after a special exemption was granted for a few countries. "This demonstrates the unique ties between our two countries," the statement said.It said the consignment was part of the 13 tonnes of essential lifesaving medicines that have been sent for Mauritius. This is the first such consignment of essential medicines and a second consignment will follow in coming weeks."India is a proud partner of Mauritius and remains committed to contributing to the public health and welfare of all people of Mauritius," it said, adding that India will continue to work closely with Mauritius in these difficult times. India also gifted the first consignment of four tonnes of essential lifesaving medicines to Seychelles, in view of the ongoing COVID-19 crisis. "These medicines were procured basis the request from the Government of Seychelles. The consignment was brought to Seychelles by an Air India Special Charter Boeing 787 flight from New Delhi," said a statement issued by the High Commission of India in Seychelles.This is a special arrangement made in view of the special relations with Seychelles in order to enable the supply of these medicines despite the restrictions in place due to the lockdown, it said."Despite its own domestic challenges and constraints, India has always believed in sharing its resources and expertise with its friends and partners," the statement said.This airlift also strengthens the spirit of cooperation between the two sides based on India's Neighbourhood First Policy and Seychelles' India First Policy, it added.As part of this consignment, India swiftly decided to send the supplies of Hydroxychloroquine to Seychelles. The anti-malarial drug is now used to treat COVID-19 patients with effective outcomes. Health authorities worldwide have recommended Hydroxychloroquine for COVID-19 patients with positive outcomes. ZHZH

COVID-19: India provides life-saving drugs to Mauritius and Seychelles

By Lalit K Jha Washington, Apr 9 () As many as 10 drugs are currently under clinical trial in the US as part of the administration's "unprecedented" effort to find a therapeutic solution to the fast-spreading coronavirus pandemic, President Donald Trump has said. In the absence of either a vaccine or a drug, the novel coronavirus has claimed more than 88,500 lives and has infected nearly 1.5 million people globally. The United States alone accounts for 4.3 lakh infections and 14,700 fatalities."As American industry steps up to help, so are America's doctors and scientists. Ten drugs are now in clinical trials and my administration is taking unprecedented actions to make new therapies and treatments available without delay," Trump told reporters during his daily coronavirus news conference on Wednesday."The doctors, the lab technicians, the companies are coming up with things that I hope in the very near future are going to be very, very special, very important," he said. Responding to questions, Vice President Mike Pence said the US was having four separate clinical trials on the anti-malarial drug hydroxychloroquine. Hydroxychloroquine has been identified by the US Food and Drug Administration as a possible treatment for the COVID-19. "I believe we will have roughly four separate clinical trials underway studying hydroxychloroquine," Pence said with a note of caution. "But it is important to remember that, as the president has made the point many times, the FDA has approved what is called off-label use and so in consulting with your physician, if your physician determines it is appropriate to write a prescription for hydroxychloroquine we are working today to make that available across the country," he said. India, the largest producer of hydroxychloroquine, agreed to lift the ban on the export of the medicine to the US after Trump spoke to Prime Minister Narendra Modi on phone last week."It is broadly available today as an anti-malarial medication but we are working around the country and internationally to increase that supply but we are studying it in at least four different clinical trials," the Vice President said.The Henry Ford Hospital is conducting a clinical trial for hydroxychloroquine. The hospital has had a rather overwhelming response to the initial trial, which is beginning this week with 3000 people taking the hydroxychloroquine or a placebo, Pence said. Dr Anthony Fauci, Director of the National Institute of Allergy and Infectious Diseases from the National Institute of Health, said a number of different clinical trials were going on.Some of which are randomised controlled trials which is the optimal way to determine ultimately if something is safe and effective and works. But there are a lot of different ways that that is being looked at, he added. "It is being looked at against the placebo, it is being part of a multi-arm trial comparing it with others. There is a trial that was recently started actually in prophylactics among healthcare workers so there are several of these," Fauci said."In addition to that, there is what was just mentioned now that any physician in consultation with their patient and back and forth can make the decision to use the drug on an off-label. So we have two things that are simultaneously going on. We are having actual formal clinical trials and the off-label use," he said. LKJ MRJ MRJ

10 COVID-19 drugs under clinical trial in US: Trump

New Delhi, Apr 29 () Strides Pharma Science Ltd on Wednesday said it has developed and commercialised Favipiravir antiviral tablets and stressed that the drug has demonstrated positive outcomes in COVID-19 treatment globally."Favipiravir is an antiviral medication that was initially developed to treat influenza in Japan. In February 2020, post the outbreak of Novel Coronavirus (COVID-19), Favipiravir was studied in China and several other countries as an experimental treatment of COVID-19. "The drug has demonstrated positive outcomes, including a reduction in the duration of COVID-19 and improved lung conditions for the patients," the company said in a filing to the BSE. The product is a generic version of Avigan of Toyama Chemical, Japan. The filing said Strides is the first Indian company to have commenced export of Favipiravir tablets.The company said it will immediately apply to Indian Drug Authorities to commence necessary studies and make the drug available to Indian patients expeditiously.Strides has developed Favipiravir tablets in 400mg and 200mg strengths for convenient dosage administration. The product is currently being exported to Gulf Cooperation Council (GCC) countries to treat patients under their treatment programme for COVID-19. "Favipiravir tablets are being manufactured at Strides' flagship facility in Bangalore, India. The facility can produce up to 6 billion units of solid orals annually and is approved by the USFDA, MHRA, WHO, TGA, among others,"it said.Strides has also entered into a preferred arrangement with a leading Indian API manufacturer for the supplies of Favipiravir API(active pharmaceutical ingredient). "The partner has already commercialised the Favipiravir API from its USFDA, KFDA, PMDA and WHO approved manufacturing facility and has capabilities to manufacture the Favipiravir API from its Key Starting Material (KSM) in-house," it said.Company's CEO and MD R Ananthanarayanan said: "We are pleased to be the First Indian company to develop and commercially launch Favipiravir tablets for the global markets. This development reinforces our commitment to play a substantial role in the society by bringing affordable and quality healthcare to millions of people around the globe." Favipiravir has already demonstrated positive outcomes in several studies on COVID-19 patients, and the company is hopeful that the treatment regime with Favipiravir would brace up the fight against this virus, he said."Favipiravir is a complex drug to make, while we are manufacturing the tablets in-house, we are also excited to partner with the API manufacturer such that our supply chain remains secured up to the key starting material," he added. SID SID ANUANU

Strides develops Favipiravir antiviral tablets; drug shows positive outcome in COVID-19 treatment

<ul class="summary-list"><li>The EU has threatened to limit exports of coronavirus vaccines to other countries.</li><li>It comes after British-based drugs firm <keyword id="6409874" type="COMPANY" weightage="60" keywordseo="astrazeneca">AstraZeneca</keyword> said EU countries will receive millions fewer jabs than they ordered.</li><li>The row comes amid growing EU concerns about falling behind in the race to vaccinate its population.</li></ul>The EU has threatened to limit exports of coronavirus vaccines to other countries after British-based drugs firm AstraZeneca said EU countries will receive millions fewer jabs than they had ordered.EU officials issued the warning after AstraZeneca, which manufactures COVID-19 jabs in the UK, last week informed Brussels that it would be delivering "<a href="https://ec.europa.eu/commission/presscorner/detail/en/speech_21_211">considerably</a>" fewer jabs in the coming weeks than the bloc has ordered due to production problems.In response, the EU's health commissioner Stella Kyriakides indicated that Brussels would consider placing export limits on coronavirus vaccines which are manufactured within the EU.That includes the Pfizer vaccine, which is manufactured in Belgium and which has been crucial in the UK's vaccination efforts."Vaccine developers have societal and contractual responsibilities they need to uphold," Kyriakides <a href="https://twitter.com/SKyriakidesEU/status/1353805553064153091?s=20">tweeted</a> on Monday following meetings with AstraZeneca officials.She added: "We want clarity on transactions and full transparency concerning the export of vaccines from the EU."In the future, all companies producing vaccines against Covid-19 in the EU will have to provide early notification whenever they want to export vaccines to third countries."In response the UK's vaccines minister Nadhim Zahawi said that while supplies of the vaccine are "tight," he was confident the UK would receive enough doses to meet its target of vaccinating 15 million people by mid-February."I'm confident we will meet our mid-February target and continue beyond that," he told the BBC on Tuesday.The row comes amid growing concerns in the EU about vaccine supply. The European Medicines Agency <a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=newssearch&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=0ahUKEwjB27TovrnuAhXCUBUIHTMmBjsQxfQBCDIwAA&amp;url=https%3A%2F%2Fwww.businessinsider.com%2Feu-nations-kick-off-mass-effort-distribute-covid-19-vaccines-2020-12&amp;usg=AOvVaw2dx_jdRX9QTwtFlSBzQvgT-12&amp;usg=AOvVaw2dx_jdRX9QTwtFlSBzQvgT">first approved the Moderna vaccine for use in member states a month ago</a> and has since approved the Pfizer vaccine, but the bloc's vaccination rate has fallen well behind that of countries including the United Kingdom.AstraZeneca's warning that it would not be able to fulfill the EU's whole order comes after Pfizer <a href="https://www.google.com/search?client=safari&amp;rls=en&amp;ei=tfwPYNjME8qf1fAPpoalCA&amp;q=pfizer+slowdown+vaccine+ap+news&amp;oq=pfizer+slowdown+vaccine+ap+news&amp;gs_lcp=CgZwc3ktYWIQAzIICCEQFhAdEB46CQgAELADEAgQHjoJCAAQyQMQFhAeUKhtWM6AAWCjgQFoAXAAeAGAAbcBiAHuBpIBAzIuNZgBAKABAaoBB2d3cy13aXrIAQHAAQE&amp;sclient=psy-ab&amp;ved=0ahUKEwiY-5aOv7nuAhXKTxUIHSZDCQEQ4dUDCAw&amp;uact=5XKTxUIHSZDCQEQ4dUDCAw&amp;uact=5">also announced a temporary slowdown in vaccine suppl</a>y to the EU earlier in January.Germany's health minister Jens Spahn on Tuesday <a href="https://www.reuters.com/article/us-health-coronavirus-germany-spahn/german-minister-calls-for-europes-fair-share-in-vaccine-distribution-idUSKBN29V0LN">supported</a> the EU's proposal to limit vaccine exports."I can understand that there are production problems but then it must affect everyone in the same way," told broadcaster ZDF, <a href="https://www.reuters.com/article/us-health-coronavirus-germany-spahn/german-minister-calls-for-europes-fair-share-in-vaccine-distribution-idUSKBN29V0LN">according to Reuters</a>."This is not about Europe first but about Europe's fair share," he said, before saying that export limits should be placed on vaccines, per Reuters.Both <a href="https://news.trust.org/item/20210125220148-gyen5/">AstraZeneca</a> and the <a href="https://twitter.com/alexwickham/status/1353999453028577280?s=20">German health ministry</a> also denied reports in the German media that AstraZeneca's vaccine was ineffective on people over 65.The German health ministry said that the reports appeared to be based on a misreading of data. Germany's health minister Jens Spahn <a href="https://www.reuters.com/article/us-health-coronavirus-germany-spahn/german-minister-calls-for-europes-fair-share-in-vaccine-distribution-idUSKBN29V0LN">said</a> he expected the EU's vaccine to be approved on Friday.

The EU is threatening to restrict exports of coronavirus vaccines to other countries

<ul><li><keyword id="47969" type="ORGANIZATION" weightage="60" keywordseo="Opec">OPEC</keyword> cut its forecasts for 2020 and 2021 global <keyword id="66775" type="PERSON" weightage="60" keywordseo="Oil-demand">oil demand</keyword> on Wednesday, citing rising COVID-19 cases and government lockdowns as a risk to the commodity market.</li><li>In its November <a href="https://www.opec.org/opec_web/en/publications/338.htm">report</a>, the lowered its 2020 demand projection by 0.3 million barrels to 90 million barrels per day. </li><li>The revision follows similar downward adjustments from earlier in the year and places the year's forecasted global demand at its lowest since 2013.</li><li>Next-year demand was revised lower by 0.3 million barrels to roughly 96.3 million barrels per day. While markedly higher than the 2020 forecast, it still sits well below the pre-pandemic high of 99.8 million barrels.</li><li><a href="http://newsletter.businessinsider.com/join/4np/power-line">For more stories like this, sign up here for our weekly energy newsletter, Power Line</a>.</li></ul>OPEC now expects the coronavirus pandemic to have wiped out seven years of growth in global oil demand this year.In its latest monthly <a href="https://www.opec.org/opec_web/en/publications/338.htm">report</a>, the coalition lowered its demand outlook for <keyword id="45185" type="ORGANIZATION" weightage="60" keywordseo="Crude-oil">crude oil</keyword> in 2020 by 0.3 million barrels to 90 million barrels per day. OPEC has repeatedly cut its forecasts for demand growth over the past few months and now expects global consumption to hit its lowest since 2013 this year, according to <a href="https://www.opec.org/opec_web/static_files_project/media/downloads/publications/MOMR_November_2014.pdf">past reports</a>.OPEC also cut its 2021 forecast by 0.3 million barrels to roughly 96.3 million barrels per day. Demand is expected to pick up more swiftly next year, as the economy recovers from the effects of the pandemic, but it will still fall well below the 99.8 million barrels per day seen in 2019.Read more: <a href="https://www.businessinsider.com/16-stock-picks-to-buy-as-pandemic-fears-recede-evercore-2020-11">A Wall Street bank breaks down why Pfizer and BioNTech's vaccine efficacy news means a faster return to normal — and shares the 16 stocks set to bounce back rapidly as soon as COVID panic recedes</a>"These downward revisions mainly take into account downward adjustments to the economic outlook in OECD economies due to COVID-19 containment measures, with the accompanying adverse impacts on transportation and industrial fuel demand through mid-2021," OPEC said.A resurgence in cases of COVID-19 has plunged several major European economies into new lockdowns and threatens to reverse a lot of the economic recovery that has already taken place. The oil price nosedived in March as the sudden implementation of quarantine orders slammed travel activity and, in turn, demand for crude. US futures even turned negative in April as a supply glut overwhelmed traders who then struggled to find storage for unwanted inventory.While OPEC continues to pump less oil than the market requires, its latest forecast shows it's not cutting down on the global surplus as fast as previously expected.<a href="http://newsletter.businessinsider.com/join/4np/power-line">Click here to subscribe to Power Line</a>, Business Insider's weekly energy newsletter. The coalition is set to meet on November 30 and December 1 to further discuss its production policy and potential supply cuts. OPEC and several partner nations, including Russia and Oman, established <a href="https://markets.businessinsider.com/commodities/news/oil-price-war-opec-russia-historic-agreement-crude-production-cut-2020-4-1029084523">a record supply cut</a> of 9.7 million barrels per day in April but trimmed the cut to 7.7 million in August. The group plans to shrink the cut further in 2021, but may keep it in place in an attempt to support prices, particularly given OPEC's outlook for demand for its own crude.OPEC expects demand for its crude to fall to 22.1 million barrels per day this year, marking a decline of 0.2 million barrels per day from its previous forecast and a drop of 7.2 million barrels per day from 2019. In 2021, it expects demand for its crude to rise to 27.4 million barrel per day, above 2020, but still 0.2 million barrels per day less than it anticipated in October.The revised demand projections did little to dent crude oil's rally. Futures have turned higher through the week as encouraging news from Pfizer's latest coronavirus vaccine trial signaled the drug could reach the public in early 2021. Experts have long viewed an effective vaccine as the best bet for fully reopening economies.<a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingestgest">West Texas Intermediate crude</a> futures leaped as much as 4.1%, to $43.06 per barrel, on Wednesday. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestarkets&amp;utm_medium=ingest">Brent crude futures</a>, the international benchmark, rose 3.9%, to $45.31 per barrel, at intraday highs.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-sp500-rally-coronavirus-vaccine-biden-presidency-goldman-2020-11-1029792261">The S&amp;P 500 will rally another 11% by mid-2021 as a coronavirus vaccine is rolled out and corporate profits rebound, Goldman Sachs says</a><a href="https://www.businessinsider.com/economic-outlook-covid-resurgence-quarterly-growth-recovery-dallas-fed-kaplan-2020-11">Spiking coronavirus cases could curb economic growth well into 2021, Dallas Fed President says</a><a href="https://www.businessinsider.com/election-investing-advice-4-sectors-to-buy-dems-win-senate-2020-11">A Wall Street expert says the stock market would drop 10-15% if the Georgia run-off turns the Senate blue — and says investors should look to these 4 areas if it does</a>

OPEC slashes 2020 and 2021 forecasts as surging coronavirus cases jeopardize oil-market demand

The Indian pharmaceutical sector has been affected by the COVID-19 lockdown as exports have registered <keyword id="54123" type="ORGANIZATION" weightage="20" keywordseo="USD">USD</keyword> 20.58 billion during the 2019-20 financial year as against the targeted USD 22 billion in the previous fiscal. Despite this, there was 7.57 per cent overall growth in exports in FY '20 over 2018-19, a press <keyword id="6354599" type="UNKNOWN" weightage="20" keywordseo="Release">release</keyword> from the <keyword id="600224" type="COMPANY" weightage="20" keywordseo="Pharmaceuticals-Export-Promotion-Council">Pharmaceuticals Export Promotion Council</keyword>, a body under the <keyword id="137756" type="COMPANY" weightage="20" keywordseo="Ministry-of-Commerce">Ministry of Commerce</keyword>, said on Friday. <div type="Article" hostid="261" msid="75616958" title="India records 3,390 new coronavirus cases in one day— tally crosses 56,000-mark" mstype="2" mssubtype="0"></div> Though the exports started doing well in 2019-20 and it has been a good year for the first three quarters with cumulative growth rate of 11.5 per cent during April-December 2019, the growth rate in February and March has gone down recording 7.7 per cent and -23.24 per cent respectively,resulting in the negative growth of - 2.97 per cent in the fourth quarter, the release said. Having seen a good export trend in the first three quarters and price stabilisation in the United States, it was estimated that FY 2020 exports would reach USD 22-billion mark. However, the COVID-19 pandemic has impacted exports to a certain extent and brought down the estimated exports to USD 20.58 billion with an overall growth of 7.57 per cent instead of double-digit growth, the release said. Drug formulations and biologicals, contributing to almost 72 per cent of exports, have shown 9.5 per cent growth in FY 2020. However, export of bulk drugs and drug intermediates,the second largest category, has negatively grown (-0.73%),bringing down the overall performance. "The overall exports to North America have recorded 15.11 per cent growth. About USD 6.7 billion worth of pharmaceuticals were exported to the USA with 15.8 per cent growth. This has constituted almost 32.74 per cent of our total exports, it said. India being dependent on China to an extent of 60-70 percent of its needs of bulk drugs has suffered disruption in the supply chain with the outbreak of COVID-19. "Our import of bulk drugs went down significantly in February. Combined with lock down measures across the countries and export restrictions on some of the products have all contributed to the situation of downturn in export growth," the release said. The Central government has taken a decision to develop three mega bulk drug parks in partnership with states. The Centre would give Rs 1,000-crore grants-in-aid to states for each bulk drug park. The scheme is expected to reduce manufacturing cost of bulk drugs in the country and dependency on other countries for bulk drugs, it said. <div type="Article" hostid="261" msid="75595863" title="The hike in excise duty on petrol and diesel is good news for these two companies" mstype="2" mssubtype="0"></div>

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