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Covid-19: How the fate of pharma companies is changing as world demand for vaccines falls

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The Covid-19 pandemic caused seismic shifts in the pharmaceutical landscape, with vaccine stalwarts like Sanofi, GSK and Merck making way for other drug manufacturers such as Pfizer, Moderna and BioNTech.

These companies rapidly stepped up to produce and distribute life-saving vaccines during the crisis.

However, as the world tries to leave the pandemic behind, vaccine sales have dwindled, prompting a closer look at how major producers are adapting.

While the big players are coming up with revised variants of the vaccine, smaller players have either ceased Covid vaccine production or wrapped up their business.

Here, The National looks at some of the Covid-19 vaccine producers and explores how they are grappling with the changing pandemic landscape.

BioNTech

German biotechnology company BioNTech has slashed its drug development budget for 2023 after reporting a net loss and a 95 per cent annual drop in revenues in the June quarter.

The company’s revenue, which was hurt by a fall in pandemic-related demand, was €167.7 million ($184.03 million), while it reported a net loss of €190.4 million in the April-June period.

It has also reduced its research and development budget for this year to between €2 billion and €2.2 billion, from between €2.4 billion and €2.6 billion previously.

BioNTech is now aiming to launch Omicron XBB1.5-adapted monovalent Covid-19 vaccine in September as recommended by the US Food and Drug Administration (FDA) and European Medicines Agency.

It has predicted a Covid-19 vaccine revenue of nearly €5 billion in 2023.

The company’s stock, which has dropped 33.5 per cent in the past year, was trading at $105.46 a share on Thursday at market close. The company’s market capitalisation was $25.41 billion.

Pfizer

Pharmaceutical major Pfizer reported a 77 per cent annual drop in its second-quarter profit, as sales of its Covid-19 products declined. Net income in the three months to the end of June declined to $2.33 billion. Revenue dropped 54 per cent to $12.73 billion.

The Covid vaccine’s contribution to the company’s revenue was down 83 per cent on an annual basis to $1.49 billion. The Covid antiviral pill Paxlovid reported a 98 per cent drop in revenue to $143 million.

Paxlovid is a treatment for Covid-19 patients, but it does not prevent infection.

The New York-based company has predicted $13.5 billion in Covid vaccine sales and $8 billion in revenue for Paxlovid for the current fiscal period.

Pfizer’s stock, which has dropped more than 26 per cent in the past year, was trading at $35.72 a share on Thursday, while market capitalisation was $201.65 billion.

Johnson & Johnson

Johnson & Johnson’s pharmaceutical business, which developed the Covid-19 vaccine, accounted for nearly 54 per cent of the company’s overall sales in the period April to June.

The division added about $13.7 billion, 3.1 per cent more year on year, to total sales in the quarter. However, the quarterly earnings did not include any US sales from J&J’s Covid vaccine.

In April, the company said it expected no revenue in the US market after the first quarter because its commitments under government contracts were completed.

However, the shot added $285 million in international revenue in the last quarter.

The company’s stock, which has surged 3.01 per cent in the past year, was trading at $172.17 a share on Thursday and market capitalisation stood at $449.8 billion.

In the first three months of the year, the company’s Covid-19 vaccine-related costs jumped to $447.46 billion.

Moderna

Moderna’s sales of its Covid shots dropped more than 90 per cent in the second quarter.

The Massachusetts-based company predicts Covid shots revenue to hover in the range of $6 billion to $8 billion this year, up from its previous forecast of $5 billion. This is driven by the potential demand of 50 million to 100 million doses in the US market in the fourth quarter of this year.

The company is also pinning high hopes on its revised Covid vaccine for the omicron subvariant XBB1.5 that is expected to be launched next month in the US after FDA approval.

Moderna earned revenue of $344 million in the April-June period, compared with $4.75 billion in the same period last year when Covid infections were higher. It reported a net loss of $1.38 billion in the previous quarter.

The company’s stock, which has dipped 41.63 per cent in the past year, was trading at $100.28 a share on Thursday. The company’s market capitalisation stood at $38.17 billion.

Novavax

Biotechnology company Novavax, which reported a net income of $58 million in the last quarter, from a net loss of $510.5 million in the same period last year, prepares to launch a new Covid vaccine in the US in the next quarter. The FDA is expected to decide on the new shot by the end of next month.

The company’s chief executive, John Jacobs, told CNBC this week that the company will make “most of the seasonal opportunity” of its new shot in the fourth quarter.

Last month, Novavax said it will receive $349.6 million from Canada to settle for the unused Covid doses that were earlier scheduled for delivery.

The company’s stock, which has dropped 80.94 per cent in the past year, was trading at $7.69 a share on Thursday. The company’s market capitalisation stood at $663.69 million.

Sinovac

Beijing company Sinovac Biotech received $515 million in investment from China’s Sino Biopharmaceutical in December 2020 to fund the new production facility for Covid-19 vaccine CoronaVac.

Last month, Sinovac teamed up with Indonesia’s Bio Farma to serve Indonesia’s domestic vaccine market as well as the international market, Sinovac said in a statement.

CoronaVac has been approved for use in more than 60 countries and regions.

Covaxin

Covaxin is India’s indigenous Covid-19 vaccine by Bharat Biotech that is developed in collaboration with the government-owned Indian Council of Medical Research – National Institute of Virology.

In March, the company reportedly said it had to destroy between 30 million and 40 million doses because they had expired.

“Our production timelines are very elongated. There is a three-to-six-month period of wait by the time the vaccine is manufactured and regulatory clearances come. We are not supplying Covaxin to any hospitals in India after its production stalled in the face of low demand,” the Times of India newspaper reported a Bharat Biotech official saying in April.

AstraZeneca

London-listed AstraZeneca is diversifying its offerings to stay competitive in the post-pandemic era.

Last year, it teamed up with Sheikh Khalifa Medical City hospital in Abu Dhabi to conduct a real-world evidence study on Evusheld, which is designed to help prevent patients with poor immune systems from contracting Covid-19.

In December, Abu Dhabi’s G42 Healthcare signed a pact with AstraZeneca to manufacture pharmaceutical products in the emirate.

Medicago

Last year, Health Canada approved Quebec-based pharmaceutical company Medicago’s plant-based Covid-19 vaccine, Covifenz.

But in February this year, parent company Mitsubishi Chemical Group said it plans to shut down all operations of Medicago due to the “significant changes to the Covid-19 vaccine landscape and after a comprehensive review of the current global demand and market environment”.

Valneva and IDT Biologika

In September last year, French biotech company Valneva and German drug manufacturer IDT Biologika terminated their Covid-19 vaccine deal after the slowdown in pandemic cases.

Considering the reduced European Commission order, Valneva suspended manufacturing of the vaccine. As compensation, it agreed to pay IDT up to €36.2 million in cash and the equivalent of €4.5 million in the form of specified equipment purchased by Valneva, the company said in a statement.

 

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What’s the greatest holiday gift: lips, hair, skin? Give the gift of great skin this holiday season

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Give the gift of great skin this holiday season

Skinstitut Holiday Gift Kits take the stress out of gifting

Toronto, October 31, 2024 – Beauty gifts are at the top of holiday wish lists this year, and Laser Clinics Canada, a leader in advanced beauty treatments and skincare, is taking the pressure out of seasonal shopping. Today, Laser Clincs Canada announces the arrival of its 2024 Holiday Gift Kits, courtesy of Skinstitut, the exclusive skincare line of Laser Clinics Group.

In time for the busy shopping season, the limited-edition Holiday Gifts Kits are available in Laser Clinics locations in the GTA and Ottawa. Clinics are conveniently located in popular shopping centers, including Hillcrest Mall, Square One, CF Sherway Gardens, Scarborough Town Centre, Rideau Centre, Union Station and CF Markville. These limited-edition Kits are available on a first come, first served basis.

“These kits combine our best-selling products, bundled to address the most relevant skin concerns we’re seeing among our clients,” says Christina Ho, Senior Brand & LAM Manager at Laser Clinics Canada. “With several price points available, the kits offer excellent value and suit a variety of gift-giving needs, from those new to cosmeceuticals to those looking to level up their skincare routine. What’s more, these kits are priced with a savings of up to 33 per cent so gift givers can save during the holiday season.

There are two kits to select from, each designed to address key skin concerns and each with a unique theme — Brightening Basics and Hydration Heroes.

Brightening Basics is a mix of everyday essentials for glowing skin for all skin types. The bundle comes in a sleek pink, reusable case and includes three full-sized products: 200ml gentle cleanser, 50ml Moisture Defence (normal skin) and 30ml1% Hyaluronic Complex Serum. The Brightening Basics kit is available at $129, a saving of 33 per cent.

Hydration Heroes is a mix of hydration essentials and active heroes that cater to a wide variety of clients. A perfect stocking stuffer, this bundle includes four deluxe products: Moisture 15 15 ml Defence for normal skin, 10 ml 1% Hyaluronic Complex Serum, 10 ml Retinol Serum and 50 ml Expert Squalane Cleansing Oil. The kit retails at $59.

In addition to the 2024 Holiday Gifts Kits, gift givers can easily add a Laser Clinic Canada gift card to the mix. Offering flexibility, recipients can choose from a wide range of treatments offered by Laser Clinics Canada, or they can expand their collection of exclusive Skinstitut products.

 

Brightening Basics 2024 Holiday Gift Kit by Skinstitut, available exclusively at Laser Clincs Canada clinics and online at skinstitut.ca.

Hydration Heroes 2024 Holiday Gift Kit by Skinstitut – available exclusively at Laser Clincs Canada clinics and online at skinstitut.ca.

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Here is how to prepare your online accounts for when you die

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LONDON (AP) — Most people have accumulated a pile of data — selfies, emails, videos and more — on their social media and digital accounts over their lifetimes. What happens to it when we die?

It’s wise to draft a will spelling out who inherits your physical assets after you’re gone, but don’t forget to take care of your digital estate too. Friends and family might treasure files and posts you’ve left behind, but they could get lost in digital purgatory after you pass away unless you take some simple steps.

Here’s how you can prepare your digital life for your survivors:

Apple

The iPhone maker lets you nominate a “ legacy contact ” who can access your Apple account’s data after you die. The company says it’s a secure way to give trusted people access to photos, files and messages. To set it up you’ll need an Apple device with a fairly recent operating system — iPhones and iPads need iOS or iPadOS 15.2 and MacBooks needs macOS Monterey 12.1.

For iPhones, go to settings, tap Sign-in & Security and then Legacy Contact. You can name one or more people, and they don’t need an Apple ID or device.

You’ll have to share an access key with your contact. It can be a digital version sent electronically, or you can print a copy or save it as a screenshot or PDF.

Take note that there are some types of files you won’t be able to pass on — including digital rights-protected music, movies and passwords stored in Apple’s password manager. Legacy contacts can only access a deceased user’s account for three years before Apple deletes the account.

Google

Google takes a different approach with its Inactive Account Manager, which allows you to share your data with someone if it notices that you’ve stopped using your account.

When setting it up, you need to decide how long Google should wait — from three to 18 months — before considering your account inactive. Once that time is up, Google can notify up to 10 people.

You can write a message informing them you’ve stopped using the account, and, optionally, include a link to download your data. You can choose what types of data they can access — including emails, photos, calendar entries and YouTube videos.

There’s also an option to automatically delete your account after three months of inactivity, so your contacts will have to download any data before that deadline.

Facebook and Instagram

Some social media platforms can preserve accounts for people who have died so that friends and family can honor their memories.

When users of Facebook or Instagram die, parent company Meta says it can memorialize the account if it gets a “valid request” from a friend or family member. Requests can be submitted through an online form.

The social media company strongly recommends Facebook users add a legacy contact to look after their memorial accounts. Legacy contacts can do things like respond to new friend requests and update pinned posts, but they can’t read private messages or remove or alter previous posts. You can only choose one person, who also has to have a Facebook account.

You can also ask Facebook or Instagram to delete a deceased user’s account if you’re a close family member or an executor. You’ll need to send in documents like a death certificate.

TikTok

The video-sharing platform says that if a user has died, people can submit a request to memorialize the account through the settings menu. Go to the Report a Problem section, then Account and profile, then Manage account, where you can report a deceased user.

Once an account has been memorialized, it will be labeled “Remembering.” No one will be able to log into the account, which prevents anyone from editing the profile or using the account to post new content or send messages.

X

It’s not possible to nominate a legacy contact on Elon Musk’s social media site. But family members or an authorized person can submit a request to deactivate a deceased user’s account.

Passwords

Besides the major online services, you’ll probably have dozens if not hundreds of other digital accounts that your survivors might need to access. You could just write all your login credentials down in a notebook and put it somewhere safe. But making a physical copy presents its own vulnerabilities. What if you lose track of it? What if someone finds it?

Instead, consider a password manager that has an emergency access feature. Password managers are digital vaults that you can use to store all your credentials. Some, like Keeper,Bitwarden and NordPass, allow users to nominate one or more trusted contacts who can access their keys in case of an emergency such as a death.

But there are a few catches: Those contacts also need to use the same password manager and you might have to pay for the service.

___

Is there a tech challenge you need help figuring out? Write to us at onetechtip@ap.org with your questions.

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Pediatric group says doctors should regularly screen kids for reading difficulties

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The Canadian Paediatric Society says doctors should regularly screen children for reading difficulties and dyslexia, calling low literacy a “serious public health concern” that can increase the risk of other problems including anxiety, low self-esteem and behavioural issues, with lifelong consequences.

New guidance issued Wednesday says family doctors, nurses, pediatricians and other medical professionals who care for school-aged kids are in a unique position to help struggling readers access educational and specialty supports, noting that identifying problems early couldhelp kids sooner — when it’s more effective — as well as reveal other possible learning or developmental issues.

The 10 recommendations include regular screening for kids aged four to seven, especially if they belong to groups at higher risk of low literacy, including newcomers to Canada, racialized Canadians and Indigenous Peoples. The society says this can be done in a two-to-three-minute office-based assessment.

Other tips encourage doctors to look for conditions often seen among poor readers such as attention-deficit hyperactivity disorder; to advocate for early literacy training for pediatric and family medicine residents; to liaise with schools on behalf of families seeking help; and to push provincial and territorial education ministries to integrate evidence-based phonics instruction into curriculums, starting in kindergarten.

Dr. Scott McLeod, one of the authors and chair of the society’s mental health and developmental disabilities committee, said a key goal is to catch kids who may be falling through the cracks and to better connect families to resources, including quicker targeted help from schools.

“Collaboration in this area is so key because we need to move away from the silos of: everything educational must exist within the educational portfolio,” McLeod said in an interview from Calgary, where he is a developmental pediatrician at Alberta Children’s Hospital.

“Reading, yes, it’s education, but it’s also health because we know that literacy impacts health. So I think that a statement like this opens the window to say: Yes, parents can come to their health-care provider to get advice, get recommendations, hopefully start a collaboration with school teachers.”

McLeod noted that pediatricians already look for signs of low literacy in young children by way of a commonly used tool known as the Rourke Baby Record, which offers a checklist of key topics, such as nutrition and developmental benchmarks, to cover in a well-child appointment.

But he said questions about reading could be “a standing item” in checkups and he hoped the society’s statement to medical professionals who care for children “enhances their confidence in being a strong advocate for the child” while spurring partnerships with others involved in a child’s life such as teachers and psychologists.

The guidance said pediatricians also play a key role in detecting and monitoring conditions that often coexist with difficulty reading such as attention-deficit hyperactivity disorder, but McLeod noted that getting such specific diagnoses typically involves a referral to a specialist, during which time a child continues to struggle.

He also acknowledged that some schools can be slow to act without a specific diagnosis from a specialist, and even then a child may end up on a wait list for school interventions.

“Evidence-based reading instruction shouldn’t have to wait for some of that access to specialized assessments to occur,” he said.

“My hope is that (by) having an existing statement or document written by the Canadian Paediatric Society … we’re able to skip a few steps or have some of the early interventions present,” he said.

McLeod added that obtaining specific assessments from medical specialists is “definitely beneficial and advantageous” to know where a child is at, “but having that sort of clear, thorough assessment shouldn’t be a barrier to intervention starting.”

McLeod said the society was partly spurred to act by 2022’s “Right to Read Inquiry Report” from the Ontario Human Rights Commission, which made 157 recommendations to address inequities related to reading instruction in that province.

He called the new guidelines “a big reminder” to pediatric providers, family doctors, school teachers and psychologists of the importance of literacy.

“Early identification of reading difficulty can truly change the trajectory of a child’s life.”

This report by The Canadian Press was first published Oct. 23, 2024.

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