President Donald Trump in a press conference on Thursday said the Food and Drug Administration is fast-tracking efforts to approve an antiviral therapy, best known for treating malaria, for use in coronavirus cases. 

The drug, hydroxychloroquine, was developed more than a half-century ago and is approved for treating malaria, arthritis, and other ailments. Reports out of China and Italy suggest the drug may help, but there is no hard data yet.

"We're going to be able to make that drug available almost immediately," Trump said. 

The FDA is working to conduct a "large, pragmatic clinical trial" quickly to confirm the drug's benefit to coronavirus patients, said Commissioner Dr. Stephen Hahn.

He also tempered the president's optimism about the still-untested solution. 

"What's also important is not to provide false hope," he said. "We may have the right drug, but it might not be in the appropriate dosage form right now, and it might do more harm than good."

New antiviral therapies face a shorter and less arduous approval process than vaccines, several of which are under development with 12 to 18-month timelines.  

"The therapies are something we could move on much faster potentially," Trump said. 

He claimed the administration "slashed red tape" to develop new vaccines and therapies.

The president also held out on confirming whether he would invoke the Defense Production Act, which he signed on Wednesday, to mandate the production of needed medical supplies such as N95 respirators and surgical masks

"If we find that we need something, then we will do that," he said.  

Trump repeated that he was open to the federal government buying equity stakes in the airline, cruise, hospitality, and other industries hurt by the outbreak. 

The press conference opened with more controversial language placing the blame squarely on China for the outbreak, despite concerns voiced about potentially exacerbating a backlash against Asian Americans.

"We continue our relentless effort to defeat the Chinese virus," Trump said.

Share:
More In Politics
Stocks Soar on Wednesday, Nasdaq Posts Best Day Since March 2021
Adam Johnson, Portfolio Manager at Adviser Investments, joins Cheddar News' Closing Bell, where he explains why he believes we saw markets jump during Wednesday's session, and adds that investors have already priced in 'every possible kind of bad news we could have.'
McDonald's to Temporarily Close 850 Stores in Russia
McDonald’s said Tuesday it is temporarily closing all of its 850 restaurants in Russia in response to the country's invasion of Ukraine. The burger giant said it will continue paying its 62,000 employees in Russia.
As West Cuts Ties With Russia, Will China Fill The Void?
As Western companies cut ties with Russia over its invasion of Ukraine, there's a possibility their Chinese rivals could move in and fill the void. Major corporations such as Apple, Samsung, Dell, and more have halted sales in Russia in hopes of encouraging Putin to back down, but now it seems those sanctions could be presenting a unique opportunity for China. Michael Friedson, Co-founder and Executive Editor of The Media Line News Agency, joined Cheddar's Opening Bell to discuss how these Western boycotts are reshaping geopolitical alignments, the global economy, and international trade.
Gas Prices Hit $4 For The First Time Since 2008
Gas prices have reached their highest level since 2008, topping an average of $4 across the country. The surge comes as Russia's invasion of Ukraine triggers supply concerns in what was already an extremely tight oil market. Jay Hatfield, Chief Investment Officer at ICAP, breaks down why costs at the pump are so high right now, and just how high they could go.
Ketanji Brown Jackson's Path From Judge to Justice
If confirmed, judge Ketanji Brown Jackson could become the first black woman on the bench of the U.S. Supreme Court. Cheddar News speaks with Katie Barlow, Chief Legal Correspondent at Fox 5 to discuss the significance of the nomination.
Russia-Ukraine War Sparks Turning Point in EU Politics
The European Union is historically divided and slow when it comes to decision-making, but in the recent weeks, the 27 members have agreed upon several sanctions and decisions regarding foreign policy and defense. The EU has cut off Russian banks from the swift payment system, blocked Russian propaganda channels, and closed European skies for air travel to and from Russia. Germany, for example, who has refused to send any deadly weapons to conflict zones, has now agreed to send lethal weapons to Ukraine. Rupert Steiner, London Bureau Chief at Barron's, joins cheddar news to discuss.
Load More