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Dexamethasone, a cheap and widely used steroid, has become the first drug shown to be able to save lives among COVID-19 patients in what scientists hailed as a “major breakthrough”. Results of trials announced on Tuesday showed dexamethasone, which is used to reduce inflammation in other diseases, reduced death rates by around a third among the most severely ill COVID-19 patients admitted to hospital. The results suggest the drug should immediately become standard care in patients with severe cases of the pandemic disease, said the researchers who led the trials.

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The treatment, also known as abemaciclib, is approved to treat certain forms of breast cancer but not prevent cancer from recurring, and analysts estimate the data could add billions to its sales. About 30% of patients with a common subtype of early breast cancer that the drug targets are at a high-risk of their cancer returning, despite progress in the treatment. “Assuming 40%-50% penetration into this high risk population translates to an about $2 billion incremental market opportunity,” J.P. Morgan analyst Chris Schott said in a note to clients.

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