White House warns Pfizer Covid-19 pill will not be widely available for months – FT

Anil Panchal FXStreet

The White House dims optimism over the Omicron cure after the US Food and Drug Administration (FDA) approved a pill from Pfizer to treat Covid-19.

“The White House has warned it will take more than six months to fulfill its initial order for Pfizer’s antiviral Covid-19 pill, as officials damped speculation the drug could immediately turn the tables on the pandemic,” said the Financial Times (FT)

Key quotes (from FT)

The US drugs regulator on Wednesday gave emergency authorization for the pill, called Paxlovid, to be used on people aged 12 and over with mild or moderate Covid-19 who are at risk of more severe symptoms.

But senior health advisers to President Joe Biden quickly warned that it would take months for the company to make and distribute all 10m treatment courses already on order.

Pfizer has said its pill cuts the risk of hospitalisation or death in Covid-19 patients by 89 percent.

It is likely to be especially important in the coming months because early lab tests show it continues to work against the fast-spreading Omicron variant, unlike some of the monoclonal antibody treatments already available.

FX reaction

Given the latest risk-on mood mainly driven by hopes of overcoming the South African covid variant, dubbed as Omicron, the news negatively affects the sentiment and should weigh on the recent gainers, namely Antipodeans and commodities.

Read: AUD/USD: Well-set for 0.7300 on firmer sentiment, US Durable Goods Orders, PCE Inflation eyed

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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