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FDA Warns Companies Selling Fraudulent COVID-19 Products

The Food and Drug Administration (FDA) announced Monday that he sent warning letters to seven companies for selling unapproved drugs. The FDA says these products "pose significant health risks to patients" because they claim to treat or prevent COVID-19.

However, the FDA is prepared to go beyond issuing warning letters. FTC President Joe Simons said in the statement: "What we don't need in this situation are companies that attack consumers by promoting products with Fraud prevention and treatment allegations. These warning letters are only the first step. We are ready to take enforcement action against companies that continue to market this type of scam. "One recipient of a warning letter is the televangelist Jim Bakker who is selling a silver solution, claiming to be a treatment for coronavirus.

Since its March 8 update, the World Health Organization (WHO) has declared that there are more than 105,000 cases of COVID-19 worldwide. The risk assessment remains "very high", as the disease has spread to dozens of countries, which has caused panic not only for consumers but also for investors. the S&P 500 fell by more than 11% before the start of negotiations on Monday, triggering the use of circuit breakers to temporarily interrupt trade.

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Gilead continues to test remdesivir

Currently, there is no approved cure or treatment for COVID-19. however,Gilead Sciences"(NASDAQ: GILD) Remdesivir has shown signs of progress and may help treat patients with the disease. On February 26, the company announced that it has started two phase 3 studies on remdesivir that will test the safety and effectiveness of the drug in approximately 1,000 patients.

Other healthcare stocks are trying to develop drugs for COVID-19, but Gilead's remdesivir has been identified by WHO as having the most potential.

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

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