Opinions are varied regarding Brexit and what it will be like to live in Britain post-Brexit. MPs examine evidence which may affect the UK’s pharmaceutical investment, meaning the cost of medicines will rise. With this in mind, more businesses are contacting Cheltenham accountants for advice on the financial figures going forward. If you want to find someone to help you then look at links including cheltenham accountants randall & payne There are also concerns over the disruption caused to cross-EU drug supply chains and access to highly skilled workers after Britain leaves the EU. The UK could become a less desirable place for investment and development in an industry which is very productive and has a growing global market.
The UK has enjoyed being an early-launch market, and fears are that this could be jeopardized if the UK does not remain aligned with the European Medicines Agency. A survey of industry executives was carried out by IQVIA, and the results were a little disappointing. Half of those questioned thought that Brexit would diminish the UK as a pharma market, while 44% believe we will be less attractive for product launches. 39% thought the running of clinical trials would look less attractive in the UK, while only one-third of the executives, globally, were aware of the UK Life Sciences Strategy and Sector Deal.
However, there is light at the end of the tunnel. The UK regulators of the MRHA have an excellent reputation and track record as an early-launch market. With a pioneering status in real-world studies, the UK hosts more studies than any other country worldwide.
When the UK leaves the European Union in March 2019, the European Medicines Agency will move out of London and go to Amsterdam. The UK government is powerless to stop the relocation of these regulatory bodies. The European Medicines Agency carries out assessments and issues approvals for medicines across Europe. The Life Science Sector Deal includes opportunities for tax breaks for increasing clinical trial recruitment.
In this time of uncertainty, it is more important than ever for the NHS and pharma markets to work together to introduce new medicines, technologies and ways of working for the ongoing well-being of the patients. Brexit is just around the corner, so there is a lot of work to get through to make the UK attractive again.