Pfizer tweaks Covid vaccine to offer better protection against Omicron


Patrick Ryan
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Pfizer has adapted its Covid-19 vaccine to make it more effective against the Omicron variant.

Alongside its partner, BioNTech, Pfizer studied two ways of updating its shots — in one case it targeted Omicron, while the other was a combination booster offering additional protection to the original vaccine.

Studies were carried out to determine whether to double the current dosage of 30mg.

The study of more than 1,200 middle-aged and older adults who had received three vaccine doses was conducted by Pfizer, which said both methods demonstrated a significant rise in the number of Omicron antibodies.

Albert Bourla, chairman and chief executive of Pfizer, said: “As we’ve said since the early days of the pandemic, we will follow the science and adapt our own approaches as needed to help address Covid-19 as the virus evolves.

“Based on this data, we believe we have two very strong Omicron-adapted candidates that elicit a substantially higher immune response against Omicron than we’ve seen to date.

“We look forward to discussing these data with the scientific community and health authorities, so we may rapidly introduce an Omicron-adapted booster as soon as possible, if authorised by regulators.”

There has been another surge in the number of Covid-19 cases in recent weeks, with the UK reporting 1.7 million cases, an increase said to be down to the rise of the BA.4 and BA.5 variants.

The European Centre for Disease Prevention and Control issued a warning last week that those strains would become dominant across the European Union, leading to a surge in case numbers.

A leading expert in the US this month said his country was grossly underestimating the number of people with Covid-19.

“It would appear official case counts are underestimating the true burden of infection by about 30-fold, which is a huge surprise,” Denis Nash, professor of epidemiology at the City University of New York School of Public Health, told The Guardian.

It was estimated by Reuters that there were currently more than 100,000 new cases each day in the US.

The Omicron-specific booster had the best results in helping the immune system to combat the variant.

Test patients who received the combination shot had an average increase of Omicron antibodies of around 9 to 11 times.

The data is set to be debated by the US Food and Drug Administration on Tuesday.

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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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Updated: June 26, 2022, 10:12 AM