Potential immunomodulatory drugs for acute COVID‐19: Acute COVID‐19 is accompanied by hyperinflammatory responses and hence use of immunomodulatory in several clinical and preclinical settings has shown therapeutic benefits. Immunomodulatory drugs, such as metformin, corticosteroids, and baricitinib have shown reduced inflammation following SARS‐CoV‐2 infection. Additionally, monoclonal antibodies (mAbs) such as lenzilumab, mavrilimumab, etanercept, tocilizumab, and TNF mAb have been studied in various clinical trials for their beneficial role in dampening COVID‐19‐induced inflammation. As early ISG expression is required for effective viral clearance, treatment with recombinant IFNs has also been proposed to mitigate viral load. ACE2, angiotensin‐converting enzyme 2; COVID‐19, coronavirus disease 2019; GM‐CSF, granulocyte‐macrophage colony‐stimulating factor; GM‐CSFR, GM‐CSF receptor; HIF‐1a, hypoxia‐inducible factor 1a; IFN, interferon; IFNR, IFN receptor; IL‐6R, interleukin 6R; ISG, interferon‐stimulated gene;NF‐κB, nuclear factor‐κB; SARS‐CoV‐2, severe acute respiratory syndrome coronavirus 2; STAT, signal transducer and activator of transcription; TNF, tumor necrosis factor; TNFR, tumor necrosis factor receptor.