China approved, on Saturday, Pfizer's (PFE.N) COVID-19 drug Paxlovid, making it the first oral pill specifically developed to treat the disease cleared in the country.
The National Medical Products Administration asserted that Paxlovid is approved to treat adults who have mild to moderate COVID-19 and high risk of progressing to a severe condition.
Moreover, the administration added that further study on the drug needed to be conducted and submitted to the authority.
"This is an important milestone in our fight against COVID-19," a Pfizer representative said in a statement, without providing information about procurement.
The approval is a boost to Pfizer which expects $22 billion in 2022 sales of the treatment
On the other hand, China's National Immigration Administration announced that it will not be renewing passports for non-essential travel as the epidemic situation is still severe and cross border travel poses "great security risks".
In a statement on social media, the administration said it will "normally issue passports" for inpiduals who need to travel abroad for study, employment, or business.
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