The European Commission on Tuesday started a process that could lead to reforms of drug manufacturing to limit shortages of vaccines and antibiotics and make medicines more easily available.To get more news about WikiFX, you can visit wikifx news official website.
　　The move comes as the European Union continues to fight the COVID-19 pandemic, an effort that has exposed some healthcare shortcomings and the bloc's dependence on foreign supplies of essential drugs and chemicals, mostly from India and China.
　　"The unprecedented coronavirus pandemic clearly demonstrates the need to modernise the way the EU ensures access to medicines for its population," an EU Commission document said on Tuesday, listing shortages and unequal access to medicines as the main issues to address.
　　The document seeks feedback from the public on possible reforms of rules on clinical trials, marketing of medicines and their production and distribution in Europe.
　　The 27-nation bloc has long experienced shortages of medicines, and the COVID-19 crisis worsened its predicament as global supply chains were disrupted while supplier countries temporarily curbed exports of some drugs.
　　Antibiotics, cancer medicines and vaccines are cited in the document as essential items which are often in short supply in Europe, a problem likely to worsen as the bloc has insufficient lab capacity to produce the huge amounts of vaccine doses that will be needed if a COVID-19 shot is developed.
　　The overhaul, whose details are due by the end of the year, will review incentives and requirements for pharmaceutical companies to place new drugs on the market and ensure their supply. Brussels proposed last week a budget of 9.4 billion euros ($10.5 billion) until 2027 to underpin these reforms [nL8N2D9444].
　　Among possible changes, information on medicines could be increasingly provided online or on multilingual packs to address bottlenecks in their distribution. The EU could also try to curb differences in drug prices, which are set at national level.

Gold prices traded lower to $1,825 on positive vaccine news. With the pace of redemption accelerated recently, gold prices may fall further, according to gold ETF shares.To get more news about WikiFX, you can visit wikifx official website.

　　Following Pfizer and Modena, AstraZeneca lately announced its Covid-19 vaccine, with a lower cost, could be up to 90% effective. The news has raised prospects for a faster pace of economic recovery and thus less reliance on fiscal stimulus. Since hearing the first vaccine news, gold prices have fallen over 6.5%.

　　According to the number of ETF shares, SPDR Gold Trust (GLD) saw redemptions outpacing subscriptions, which reflects weaker demand for paper gold.

　　On the political front, Biden is ready to start the transition process, marking a clearing of post-election uncertainties and catalyzing a further decline in gold prices. Besides, Biden has nominated former Fed Chair Janet Yellen as the US Treasury Secretary, a position in which she may play a critical role in influencing US fiscal and tax policies.

　　Gold prices have broken a key support level at $1,870 and thus may open the door for further downside potential with an eye on $1,809.

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