Glenmark stock jumps 29.99 per cent on launching COVID-19 drug

Glenmark Pharmaceuticals Limited spread happiness throughout the country during this weekend by announcing a drug to treat COVID-19 patients. The company launched the product-Favipiravir at an affordable price of Rs 103 per tablet.

Favipiravir has proven in-vitro activity against SARS CoV2 along with wide therapeutic safety margin for COVID-19 dose. Favipiravir being an oral product benefits the strained infrastructure in hospital. It was already approved for re-emerging pandemic influenza virus infection in Japan.

After the studies conducted in Russia, China and Japan, it was observed that Favipiravir helps in rapid reduction in viral load, resolves the fever and chest CT changes faster along with quick clinical recovery.

Glenmark has demonstrated ‘Make in India’ end-to-end development capabilities by synthesising active pharmaceutical ingredient (API), developing the formulation and receiving the approval for clinical trials in India.    

Glenmark has received permission from Indian drug regulator to manufacture and market Favipiravir introduced as ‘Fabiflu’, the first oral anti-viral treatment option for mild to moderate COVID-19 patients in India.

The stock was trading at Rs 531.35 on BSE and has shown a massive growth of 29.99 per cent at 11.14 am on Monday.