Antiviral drug remdesivir was the first treatment to show improvement in COVID-19 trials.
Drug makers around the world are rushing to develop a treatment or vaccine for the fast-spreading novel coronavirus that has killed over 3,90,000 people and ravaged financial markets.
The minister said that India has been recognised as the Pharmacy of the World during the COVID-19 crisis
The company joins other drugmakers Glenmark and Strides Pharma Science that are conducting trials in India for potential drugs for COVID-19.
The stockpiling of medicine in a country of 1.3 billion people and the rising focus on affordable health care globally will boost the shares of the nations pharmaceutical companies.
Bengaluru-based Strides Pharma Science has received approval from the Drug Controller General of India to conduct trials of favipiravir in the country.
Serum, the world's largest maker of vaccines by volume, is mass-producing the vaccine candidate developed by the University of Oxford.
Glemark said the approval made it the first pharmaceutical company in India to be given the go-ahead to start trials on COVID-19 patients.
Glenmark Pharmaceuticals, which rose as much as 8.9 per cent to Rs 359, traded up 5.9 per cent at 9:37 am.
Sun Pharma said it continues to manufactureand distribute existing products for the US market.
Indian pharma companies get almost 70 per cent of the active pharmaceutical ingredients (APIs) for their medicines from China.
Indian companies are the main supplier of generic drugs to the world and procure almost 70 per centof the active pharmaceutical ingredients (APIs) for their medicines from China. The coronavirus outbreak has disrupted international businesses dependent on Chinese supplies.
Cipla Share Price: Cipla said it will work closely with the US Food and Drug Administration (FDA) to comprehensively address all the observations.
An important supplier of generic drugs to the world, Indian companies procure almost 70 per cent of the active pharmaceutical ingredients (APIs) for their medicines from China.
Pharma formulations attract GST of 12 per cent whereas inputs active pharmaceutical ingredients (API) have GST of 18 per cent which has led to accumulation of Input tax Credit.