Market Challenges And Opportunities

Global Hydroxychloroquine Market – Driver

Increasing prevalence of diseases like Psoriatic Arthritis

The growing prevalence of diseases like Psoriatic Arthritis across the world is expected to aid in growth of the global hydroxychloroquine market. For instance, according to an article published in Plos One- a open access journal, Spain had the highest cases of Psoriatic Arthritis in Europe, followed by Norway. The use of hydroxychloroquine, as a drug treatment for Psoriatic Arthritis can drive the growth of the global hydroxychloroquine market.

Increasing collaboartions and license agreements

The increasing partnerships among pharmaceutical can drive the growth of the global hydroxychloroquine market. For instance, in July 2021, Sanofi- a France based multinational pharmaceutical and healthcare company and Asahi Kasei Corporation- a Japan based multinational chemical company, executed a marketing license agreement to transfer sales right in Japan for hydroxychloroquinine tablets. Sanofi remained as the marketing authorization holder of hydroxychloroquine Japan and continued manufacturing the product.

Global Hydroxychloroquine Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others are facing problems with the transportation of drugs from one place to another.

However, the COVID-19 pandemic had a positive impact on the global hydroxychloroquine market. This is because, in the early stages of the pandemic, hydroxychloroquine was suggested as a possible prevention method or treatment for COVID-19. Countries manufacturing hydroxychloroquine were also encouraged to import it to different countries. For instance, in April 2020, India approved supply of hydroxychloroquine to 55 countries as commercial sales or grants.

Global Hydroxychloroquine Market: Restraint

Toxic effects of Hydroxychloroquine at higher dosages

According to a report published by European Medical Agency- the drug regulatory body of the European Union, in April 2020, Chloroquine and hydroxychloroquine are known to induce cardiac rhythm abnormalities at higher strengths of the dose. This will slow the market's growth rate. Consumption of drugs at the right dosage strength, as recommended by the physician is an effective counterbalance to this restraint.

Incompatibility with other anti viral drugs

In June 2020, the Food and Drug Agency- the main regulatory agency of the U.S, released a statement warning clinicians that the antiviral activity of remdesivir, an investigational treatment for COVID-19 may potentially be reduced if it is coadministered with chloroquine or hydroxychloroquine.This clinical contraindication may discourage researches to combine hydroxychloroquine with other anti viral drugs, causing a fall in the uptake of the drug.

Restraints & Challenges: