The makers of an antiviral pill for Covid-19 have said they stopped a trial after the drug was shown to cut by 89 per cent the chances of hospital admission or death for adults at risk of developing severe disease.
Pfizer said it plans to submit interim trial results for its pill, which is given in combination with an older antiviral called ritonavir, to the US Food and Drug Administration as part of the emergency-use application it opened in October.
The combination treatment, which will have the brand name Paxlovid, consists of three pills given twice daily.
The planned analysis of 1,219 patients in Pfizer's study looked at hospital admission and death among people diagnosed with mild to moderate Covid-19 with at least one risk factor for developing severe disease, such as obesity or older age.
It found that 0.8 per cent of those given Pfizer's drug within three days of symptom onset were taken to hospital and none died within the 28-day period after treatment. That compared with a hospital admission rate of 7 per cent for placebo patients. There were also seven deaths in the placebo group.
Rates were similar for patients treated within five days of showing symptoms – 1 per cent of the treatment group was taken to hospital, compared with 6.7 per cent for the placebo group, which included 10 deaths.
The results appear to be even better than Merck & Co's pill, molnupiravir, which last month was shown to halve the likelihood of dying or being admitted to hospital for Covid-19 patients also at high risk of serious illness.
Full trial data is not yet available from either company.
Antivirals need to be given as early as possible, before an infection takes hold, to be most effective. Merck tested its drug within five days of symptom onset.
"We saw that we did have high efficacy, even if it was five days after a patient has been treated ... people might wait a couple of days before getting a test ... and this means that we have time to treat people and really provide a benefit from a public health perspective," Annaliesa Anderson, head of the Pfizer programme, told Reuters.
The company did not give details of any side effects of the treatment but said adverse events happened in about 20% of both treatment and placebo patients.
"These data suggest that our oral antiviral candidate, if approved by regulatory authorities, has the potential to save patients’ lives, reduce the severity of Covid-19 infections and eliminate up to nine out of ten hospitalisations,” said Albert Bourla, Pfizer's chief executive.
Pfizer said it was expecting to produce more than 180,000 packs by the end of the year and at least 50 million packs by the end of 2022, of which 21 million would be produced in the first half.
"We are currently bringing on additional capacity and ramping up further and we look forward to updating these numbers in the coming weeks," the company said.
Infectious disease experts say that preventing Covid-19 through wide use of vaccines remains the best way to control the pandemic but only 58 per cent of people in the US, for example, are fully vaccinated and access in many other parts of the world is limited.
Pfizer's drug, part of a class known as protease inhibitors, is designed to block an enzyme the coronavirus needs to multiply.
The company is also studying whether its pill could be used by people without risk factors for serious Covid-19, as well as to prevent coronavirus infection in people exposed to the virus.
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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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Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
MATCH INFO
Schalke 0
Werder Bremen 1 (Bittencourt 32')
Man of the match Leonardo Bittencourt (Werder Bremen)
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
MATCH INFO
Uefa Champions League last-16, second leg:
Real Madrid 1 (Asensio 70'), Ajax 4 (Ziyech 7', Neres 18', Tadic 62', Schone 72')
Ajax win 5-3 on aggregate
Jetour T1 specs
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Sukuk
An Islamic bond structured in a way to generate returns without violating Sharia strictures on prohibition of interest.