Zhejiang Hisun Pharmaceutical Co Ltd, based in Taizhou, East China's Zhejiang province, is approved by China's National Medical Products Administration on Feb 15 to produce favipiravir [Photo/taizhou.com.cn]

Zhejiang Hisun Pharmaceutical Co Ltd headquartered in Taizhou, East China's Zhejiang province, was approved by China's National Medical Products Administration on Feb 15 to produce favipiravir, a drug used to treat the flu.

The move comes after the aforementioned drug, along with chloroquine and remdesivir, showed effectiveness in treating novel coronavirus pneumonia, according to Zhang Xinmin, head of the China National Center for Biotechnology Development.

Early results from human trials in the country have shown that favipiravir is effective against the virus, although it has minor side effects.

It is the first drug showing effectiveness in treating the novel coronavirus that has been allowed to enter the Chinese market. From here on out, it will play an important role in the prevention and control of the epidemic.

It has been reported that the drug officially began being produced by Hisun Pharmaceutical on Feb 16.

After the outbreak of NCP, the Zhejiang Provincial Food and Drug Administration and the Taizhou municipal bureau of market supervision began helping pharmaceutical enterprises in the city develop and produce drugs to treat the illness.

The drug registration and approval process in Taizhou has been slashed to just 10 days, and instructors have been sent to local pharmaceutical manufacturing enterprises to offer guidance.

Hisun Pharmaceutical, established in 1956, is committed to the development, manufacturing and commercialization of pharmaceutical products with a focus on Active Pharmaceutical Ingredients (APIs), generics, and animal health products.

With more than 7,000 employees, it is one of the largest API manufacturers in China. Its marketing network reaches over 70 countries and regions around the world.

Taizhou, as the only city in China to export APIs, is home to a large number of pharmaceutical companies and high-end research institutes. By 2021, the pharmaceutical sector in Taizhou is expected to surpass 100 billion yuan ($14.9 billion) in total output.