Business
Swedish business team to explore trade avenues | The Express Tribune
ISLAMABAD:
Scores of Swedish small and medium-sized enterprises (SMEs) are eager to explore opportunities in Pakistan, particularly in the textile garment sector, and a business delegation is expected to visit Karachi soon to interact with local manufacturers and assess the potential for export.
Swedish Ambassador Alexandra Berg von Linde stated this in a meeting with Federal Minister for Commerce Jam Kamal Khan on Monday, where they discussed bilateral trade, investment opportunities and other areas of mutual collaboration. The ambassador expressed her condolences over the recent loss of lives and property in Pakistan, caused by heavy rains and cloudburst incidents. Jam Kamal, while terming it a natural disaster, underlined the urgent need for collective efforts to address climate change challenges.
During the meeting, both sides reviewed avenues where they could strengthen economic cooperation, with a special focus on trade enhancement. The minister highlighted Pakistan’s potential in textiles, readymade garments, IT and technical education, mining, surgical goods and sports equipment, noting that Swedish companies could greatly benefit from investing in those sectors.
The ambassador acknowledged Pakistan’s reputation in textile exports, noting that Swedish buyers consider Pakistani products among the best in the world. Jam Kamal told the ambassador that, for the first time in Pakistan’s history, the government was gradually reducing import tariffs, which would be brought down to 15-20% within the next five years. The policy aims to support exports while allowing imports of quality products not available domestically, which will enable value addition before re-export.
He highlighted Pakistan’s progress on reforms, especially the establishment of the National Compliance Centre to help local businesses meet national and international standards. He proposed the organisation of seminars in association with the compliance centre to inform foreign companies and diplomatic missions about compliance processes in Pakistan.
Both sides identified mining, renewable energy, green technologies, vocational training and skill development as areas for future collaboration. The commerce minister emphasised that Pakistan had a large pool of skilled youth, especially in healthcare, where Pakistani professionals could meet shortages in Europe, including the nursing staff.
He underscored that more than 40 Swedish companies, including global brands such as H&M and IKEA, were already sourcing goods from Pakistan, reflecting the strength of bilateral economic ties. He invited Swedish investment in renewable energy, sustainable manufacturing, IT and infrastructure, while encouraging Sweden’s participation in the upcoming trade events in Pakistan such as FoodAg 2025.
The minister appreciated Sweden’s consistent support for Pakistan’s GSP Plus status in the European Union and urged continued advocacy during the next review process. He also called for enhanced engagement between Pakistan’s central bank and Swedish financial regulators to address the compliance-related issues faced by exporters.
Reaffirming Pakistan’s commitment to deepening political, economic and people-to-people ties, he said both countries had an immense untapped potential for cooperation.
Business
Intellia Therapeutics says its Crispr-based treatment succeeds in pivotal trial
Intellia Therapeutics, building exterior and company sign, Cambridge, Massachusetts, USA.
Spencer Grant | Universal Images Group | Getty Images
Intellia Therapeutics said its Crispr-based treatment for a rare swelling condition met its goals in a late-stage trial, marking a milestone for the field of gene editing and putting the company on track to seek approval from the U.S. Food and Drug Administration.
The company’s treatment uses Nobel Prize-winning technology Crispr to edit DNA and turn off the gene that controls production of a peptide that’s overactive in people with hereditary angioedema, causing them to experience potentially life-threatening swelling attacks. Intellia’s treatment is administered once through an hourslong infusion, making the edits directly in the liver.
Intellia said the one-time treatment reduced attacks by 87% compared with a placebo, meeting the study’s main goal. Six months after treatment, 62% of patients were free from attacks and weren’t using other therapies, Intellia said.
The company described the safety and tolerability of the treatment as “favorable,” reporting the most common side effects were infusion-related reactions, headaches and fatigue. Analysts were closely watching safety in the trial since a patient in a separate trial of a different treatment from Intellia died. That patient developed a liver injury and ultimately died from septic shock following an ulcer, according to the company.
“When you think about where we started with Crispr, just 12 years ago with some of the fundamental insights, I think there was a lot of talk about what might be possible, and we’ve had reports along the way in terms of milestones, but this is the first Phase 3 data in any indication with in vivo Crispr where you’re actually changing a gene that causes disease,” said Intellia CEO John Leonard.
The only FDA-approved Crispr-based medicine comes from Vertex Pharmaceuticals. Called Casgevy, the gene editing is done outside the body, or ex vivo. The process requires collecting a person’s blood cells, making the edits outside the body, then reinfusing them back into a patient. Intellia’s treatment, meanwhile, makes the edits inside the body, or in vivo.
Intellia said it has started a rolling application with the FDA and plans to complete the filing in the second half of this year. The company expects to launch the treatment in the U.S. in the first half of next year, if it’s approved.
If approved, Intellia’s treatment, lonvoguran ziclumeran, will compete with about a dozen other chronic drugs for HAE. Despite the allure of a one-time treatment, genetic medicines haven’t always been a commercial successes. BioMarin withdrew its gene therapy for Hemophilia A because of weak sales, for example.
Leonard said there are important differences between the two, like the fact that BioMarin’s therapy faced questions about how long the effects would last. In contrast, he said Intellia hasn’t seen a single case in almost six years where the effects diminished over time.
Despite the results, he’s reluctant to call Intellia’s treatment a functional cure.
“I think this is a tipping point for the disease and tipping point for Crispr-based in vivo therapy where you can make a change [and] it’s permanent,” Leonard said. “And, as far as we can tell, we don’t have a single patient in this program or other program where there’s been any waning of the effect of what we did to the gene or the effect of what we’ve seen with the clinical aspects of the disease itself. So it’s pretty exciting.”
Clarification: This story has been updated to clarify that a patient in a separate trial of a different treatment from Intellia developed acute liver injury and ultimately died from septic shock following an ulcer.
Business
European flight prices are falling in short-term, Wizz Air boss says
While many airlines say they are raising prices due to high fuel costs, József Váradi says European airlines are trying to boost demand
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Business
Claire’s closes all 154 stores in UK and Ireland with loss of 1,300 jobs
All of the chain’s standalone stores have stopped trading in the UK and Ireland.
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