Gilead starts clinical trials of Remdesivir with US lawmakers curious about selling price
Story highlights
Remdesivir, a drug by Gilead, is undergoing clinical trials in the US.
Gilead is a company that makes Remdesivir, another drug, that experts say holds promise against coronavirus.
In the US, Remdesivir is undergoing clinical trials. America's top health expert Dr. Anthony Fauci says it can block the virus.
That one statement made heads turn. Not just doctors, even investors began betting on Remdesivir. Needless to say, this was a shot in the arm for Gilead. Its shares gained by six per cent after the endorsement from Dr. Fauci.
Five days ago, the federal drug administration in the United States has given its approval to Remdesivir. US President Donald Trump made the announcement himself, with Gilead CEO standing right next to him.
But, will Remdesivir be the cure that no one can afford? Gilead is under watch, not because it has one of the most promising coronavirus treatments.
US Lawmakers want to know how much Gilead will charge for Remdesivir because Gilead has a reputation for charging sky high prices.
In 2015, the company had charged 84 thousand dollars for a Hepatitis C drug. It didn't happen by accident, this was by design.
The Senate finance committee invested Gilead's pricing. This is a standing committee of lawmakers in the US Senate.
Gilead knew that affordable pricing would allow more patients to be treated. But, it still pursued profits. The company wanted to maximize its profits. What it didn't anticipate was the angry backlash; Gilead had to suffer through a spate of bad publicity.