Well, high risks, high returns also meant “higher let-down” if the case goes bad.
Stock market plunged to the depths for Britain today after it was found that remdesivir, the drug that saved humanity from Ebola turned out to be a dud for the currently relevant pandemic. The FTSE 100, equivalent of the S&P 500 for the US, dropped in a staggering 1.48% to hit 5740. Though not as drastic, the US Dow Jones index also fell slightly. The quench for the thirst to find the savior of humanity has had its economic implications.
The randomized clinical trial utilizing the drug was found to have no impact at all on the virus.
WHO ‘accidentally’ published drafts of the observations from the said experiments, proving that it was ineffective to alleviate the conditions on the infected, nor did it lessen the numbers of the virus within a sampled blood vial.
The draft paper emphasized that the drug did nothing but to harm the infected, 18 people being taken out of the experiment ultimately. The company who produced the drugs, Gilead, mentioned in their statement that the draft paper was inconclusive, but the market took this disappointment bad, leaving many investors in more gloom.
Gilead did insist that the study was pronounced dead due to the fact that it had only managed to recruit 237 partakers in the experiment and quoting their own words: ‘underpowered to enable statistically meaningful conclusions’.
Now the people are asking for the verifiable proof for three other drugs that are being employed for the coronavirus prevention and cure. One drug was hydroxychloroquine – branded as Plaquenil, and it proved to have twice the mortality rate when injected.
Two other drugs are lopinavir/ritonavir which is used for HIV in normal cases and Arbidol the anti-viral drug, both of which had no effect on hospitalized patients.
Tim Ghriskey, from Inverness Counsel a New York-based management firm said: ‘Any piece of bad news is likely to rattle the market. ‘Investors are keen for a semblance of hope that they can soon crawl out of their homes and get on with some form of normal life, even if with trepidation and fear.’
Francois Savary, Prime Partners chief investment officer, said: ‘Its a negative session. The market for the last week has been under consolidation after a strong rally. ‘A lot of good news has already been priced in and news that the number of deaths had increased in the US was also a warning sign for investors.’
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Replaced!