A partnership between US drug maker Pfizer and the Bill & Melinda Gates Foundation to speed up the development of vaccines to prevent diseases that cause newborn mortality would also advance efforts to make a high-tech malaria vaccine, Bill Gates said at the World Economic Forum in Davos on Wednesday.
Pfizer and the foundation will also work with Rwanda, Malawi and other African countries to increase access to all of the company’s medicines and vaccines for their populations.
“[We have] a dream for [beating] malaria, and we'll talk to all the great mRNA companies, including Pfizer, about this … we could use that mRNA platform to make a really powerful malaria vaccine,” Mr Gates said.
The number of deaths from malaria is rising again, partly due to the impact of the Covid-19 pandemic. Climate change also risks spreading malaria-carrying mosquitoes to previously unaffected areas.
Drug and insecticide resistance are also on the increase, according to the Global Fund to Fight AIDS, Tuberculosis and Malaria, an international financing and partnership organisation.
Covid-19 also accelerated the development of mRNA technology by Pfizer and other pharmaceutical makers.
“We have the malaria vaccine that we funded with [British pharmaceutical company] GSK. But the duration of protection is too short and so [it could be] possible now that mRNA has been proven, that we'll be able to solve that problem,” said Mr Gates.
The day-to-day fight against Malaria requires a dynamic response, Mr Gates said.
“We have pretty good drugs and pretty good bed nets, we have to constantly change the drugs because you get drug resistance … we have to change the active ingredients, we have a great pipeline of that,” he said.
“We have some genetic approaches called gene drive, that are still in the laboratory that may cut mosquito populations.”
More funding is key, however, said Mr Gates.
“So, a lot of R&D investment [is needed], a lot of delivery investment, Global Fund is the biggest multilateral in that space,” he said.
“And so hopefully, if they can raise the $18 billion they hope to, we'll take the increase in malaria deaths of the last couple of years and get it back down to a much lower number.”
Mr Gates has worked with UAE President, Sheikh Mohamed, for more than a decade on efforts to combat malaria.
At the announcement of the initiative in Davos on Wednesday, Malawi's President Lazarus Chakwera said it was “not a handout but a real partnership”.
“For Malawi, where access to quality medicines and vaccines is a real challenge, this accord means that our quest for universal health care in Malawi has a real shot,” he said.
In terms of the distribution of medicines and vaccines, Rwanda, Ghana, Malawi, Senegal and Uganda will initially take on responsibilities for logistics, but in the future, other established trade hubs — such as the UAE — could be brought into the alliance to support these efforts, Pfizer chief executive Albert Bouria said.
“I think those five countries will be the first ones to organise the logistics, so that we can have [a] flow of the medicine without any interruption,” Mr Bouria said.
“Logistics will be one of the main issues that needs to be addressed.”
Rwanda's President Paul Kagame said it is crucial to “make sure that we pay attention to availability, to affordability, and access by everyone in our country [to healthcare] without leaving behind any level of income people in our country".
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
INFO
Everton 0
Arsenal 0
Man of the Match: Djibril Sidibe (Everton)
Men's football draw
Group A: UAE, Spain, South Africa, Jamaica
Group B: Bangladesh, Serbia, Korea
Group C: Bharat, Denmark, Kenya, USA
Group D: Oman, Austria, Rwanda
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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EXPATS
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The biog
Prefers vegetables and fish to meat and would choose salad over pizza
Walks daily as part of regular exercise routine
France is her favourite country to visit
Has written books and manuals on women’s education, first aid and health for the family
Family: Husband, three sons and a daughter
Fathiya Nadhari's instructions to her children was to give back to the country
The children worked as young volunteers in social, education and health campaigns
Her motto is to never stop working for the country
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5