A world-first treatment for the most severe blood disorders using a Nobel prize winning gene-editing tool has been approved for use in the UK for patients over 12.
Casgevy is a pioneering gene therapy that targets sickle-cell disease and transfusion dependent beta-thalassaemia, a hereditary condition more common in the UAE and the rest of the region than elsewhere.
By using the revolutionary gene-editing CRISPR tool, for which its inventors were awarded the Nobel Prize in Chemistry in 2020, precise regions of human DNA can be corrected to treat serious diseases.
It has become an indispensable resource in biological research, and was used to develop Casgevy, which modifies errors in genes for haemoglobin used by red blood cells to transport oxygen around the body.
This treatment has the potential to significantly improve the quality of life for so many
John James,
chief executive, UK Sickle Cell Society
Casgevy works by editing the faulty gene in a patient’s bone marrow stem cells, so the body begins to produce functioning haemoglobin. Stem cells are extracted from bone marrow, edited in a laboratory and then infused back into the patient, with potential life-long results.
After rigorous assessment, the treatment has been authorised by the UK’s Medicines and Healthcare products Regulatory Agency (MHRA), and could lead to further applications of CRISPR to develop similar treatments.
“The MHRA will continue to closely monitor the safety and effectiveness of Casgevy, through real-world safety data and post-authorisation safety studies being carried out by the manufacturer,” said Julian Beach, interim executive director of healthcare quality and access at the MHRA.
Clinical trials
In clinical trials for sickle-cell disease, 45 patients are receiving the treatment in the UK. Of those, 29 have been involved in the treatment long enough to record significant results, with 97 per cent free of severe pain for at least 12 months post treatment.
In a parallel trial, 54 beta-thalassaemia patients received Casgevy, with 42 taking it long term. Of those, 93 per cent did not require a usual blood transfusion for at least a year after the treatment, with the remaining 7 per cent of patients reporting a more than 70 per cent reduction in the need for a red blood cell transfusion.
Sickle cell disease and b-thalassemia are painful, life-long conditions that in some cases can be fatal.
Previously, the only permanent treatment option was to have a bone marrow transplant – which must come from a closely matched donor and carries a risk of rejection.
Major health challenge
People with beta-thalassaemia can develop severe anaemia, and often require a blood transfusion every three to five weeks, and lifelong injections and medication.
It is a major health challenge in the Emirates and other parts of the region, with traditional marriage practices and consanguinity thought to contribute to high incidence rates.
Mandatory premarital screening has been publicly funded since 2008, with neonatal screening in place since 1995. Genetic counselling is also available to couples identified as carriers, and to their families.
According to research published by the University of Oxford, severe forms of thalassemia can cost an estimated Dh131,156 ($35,713) annually per patient, of which life-long and regular iron chelation therapy and regular blood transfusions constitute the majority of medical expenses.
In February, clinical trials in Abu Dhabi got under way to test the safety and effectiveness of Mitapivat.
The drug is already approved in the US and EU to manage pyruvate kinase deficiency, a similar condition that causes blood cells to deteriorate faster than usual. It has also shown promise in treating thalassaemia.
The breakthrough success of Casgevy in the UK, could pave the way for further investigations into its effectiveness in the UAE, and bring hope to families coping with lifelong debilitating blood disorders.
“There are limited medicines currently available to patients,” said John James, chief executive of the UK Sickle Cell Society.
“I welcome this new treatment that has been judged safe and effective, which has the potential to significantly improve the quality of life for so many.”
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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.”