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Gilead (GILD) stock price is rising slightly after the Japanese government indicated that it could grant approval to its remdesivir drug to be used in the fight with COVID-19.
Gilead Sciences Inc (NASDAQ: GILD) stock price has risen by around one percent in the pre-market. Sources say that Gilead (GILD) stock price rise is attributed to the news about the Japanese government that is set to approve the use of remdesivir. The COVID-19 situation has created many issues, you can read about the updates here. There is no cure now but remdesivir and other treatments like this give us hope.
Sources say that Japanese Prime Minister Shinzo Abe that this could occur today. The Japanese government is expected to approve the drug if a Health panel rules in favor of its use. Abe said this during a live-streamed internet interview.
Gilead (GILD) filed for approval for the use of remdesivir on Monday.
Gilead (GILD) Stock Price Could Take Off if Approval Is Granted
The GILD stock price at the time of filing this report was at $78 (+0.68%). Yesterday, the stock closed at $77.47 (-2.11%).
Like in other jurisdictions, special approval is needed for use of such medications. Such approvals are granted only in emergencies.
Japanese Health Minister Katsunobu Kato had also indicated that approvals will be given if the Japanese health ministry’s review board gives the go-ahead.
This comes as Prime Minister Shinzo Abe decided to extend the national state of emergency to beyond May 31. He cited concerns about the high rate of infections.
Japan has appeared to be spared the fate of other countries. About 16,000 are infected from COVID-19 and 579 people have died. Kato has indicated that immediate action will be taken once the approval is granted. He said:
“Once imported, we would like to have it used by those who are suffering from serious conditions as soon as possible.”
This indicates that the usually conservative Japanese Government is ready to move fast. In Japan, such approvals take years after rigorous and stringent procedures and processes. There is no time for all of that now as many die from the coronavirus.
Things will get better for the economy if an effective treatment regimen is found for COVID-19. Remdesivir is viewed as a drug that flattens the curve of the dead and infected slightly.
Limited amounts are available globally. The Japanese central government has informed local governments that the supplies of Remdesivir would be controlled centrally.
Other Drugs to Ne Available
This goes to show that in the absence of a good supply, movement restrictions are working in stemming the spread of COVID-19. Prime Minister Abe has also disclosed that he hopes to have Avigan (Favipiravir) approved too. Avigan was developed by Fujifilm Holdings Corporation (OTCMKTS: FUJIY). Abe also said that trials were underway for Ivermectin. Ivermectin is normally anti-parasite medication.
As time marches forward, more solutions will be tried to see what works in combating COVID-19. It is in the process of this search that a winner will be found. Companies like Gilead hold the key.
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