The global hydroxychloroquine sulfate market is all set to record phenomenal gains in the upcoming years. Reason? Its outgrowing popularity and use in the medical and healthcare industry as disease-modifying antirheumatic drugs or DMARDs. Hydroxychloroquine sulfate is an FDA- approved drug which is widely used for treating malaria. Besides, it also has anti-inflammatory characteristics which supports its use in rheumatoid arthritis treatment by preventing swelling or pain in the joints.
Over the years, doctors have been prescribing hydroxychloroquine for helping out patients with deadly diseases and FDA has labelled them as safe and effective. Also, regular consumption of these drugs has no side effects on the body. Such reliability on hydroxychloroquine sulfate is primarily driving the hydroxychloroquine sulfate market growth to a larger scale.
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Meanwhile, there has been a significant rise in the prevalence of malaria, especially in Africa. For instance, Africa registered over 94% of total malaria cases across the world in 2019. Such a high incidence rate has prompted governments to step up and establish some financial foundation for launching and introducing initiatives and programs that can control the prevalence of the disease. Along with that, governments have also been laying down plans of providing medicinal assistance by distributing drugs like hydroxychloroquine sulfate across the region in a bid to alleviate the risks of malaria in the region.
Growing demand for USP standard hydroxychloroquine sulfate
USP or United States Pharmacopeia is prominently used as a standard for assessing the strength, identity and quality of biologics, chemical medicines, food chemicals & ingredients and dietary supplements. Although it is not a government entity, USP works with government agencies, regulatory authorities and ministries of over 140 countries. Owing to this reliability and global repute, hydroxychloroquine sulfate tablets produced using this standard have gained substantial demand worldwide, thus influencing the growth of the market to a greater extent.
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Role of hydroxychloroquine sulfate in COVID times
Many major players operating in the business sphere, have taken initiatives to provide healthcare assistance against COVID-19. For instance, Mylan made over 10 million doses of hydroxychloroquine sulfate available for donating it to the U.S. health department as part of WHO’s Solidarity trial of investigating possible remedies over the diseases. Not only that, Mylan declared its collaboration with Gilead Sciences to widen the access of remdesivir, another drug considered to be medication for COVID-19. Humanitarian initiatives like these are further likely to have a significant impact on the proliferation of the industry in the near future.
Global hydroxychloroquine sulfate market share is fragmented as market consist of several players. Key industry players include Sandoz, TEVA, Mylan, HIKMA, IPCA, SHANGHAI PHARMA, Shenhua Pharm, Sanofi, H-QYN, TAJ Pharma, MAAN Medex, Cinkate, Concordia Healthcare, Shanghai Zhongxisanwei, and Wuhan Wuyao Pharmaceutical. Companies are rapidly expanding their manufacturing facilities in an attempt to meet growing demand and maintain price trends due to COVID 19 epidemic.
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