How The Life Sciences Sector Is Preparing For Brexit
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The Brexit deadline is looming, with a little over a month to go, and still the UK does not know what terms it will be leaving on.
As a result, businesses from all industries are having to prepare for the worst-case scenario and hope for something better. So, what are firms in the life sciences sector doing to get ready for a no-deal Brexit?
The Guardian recently shared some of the contingency plans being put in place by some of the UK’s largest pharmaceutical manufacturing and research organisations. For instance, AstraZeneca is one of several companies to have frozen investment in manufacturing.
A senior executive at the European arm of Japanese pharma firm Eisai David Jeffreys told the newspaper that his company had also frozen investments. “Nobody likes uncertainty. We are not making any new investments in the UK until there is clarity,” he stated.
Other pharmaceutical businesses have announced their plans to close manufacturing plants in the UK, meanwhile. Novartis and Pfizer both made their plans known after the referendum result, but have both insisted that Brexit is not the reason for this decision.
Many companies have been preparing for a no-deal scenario by stockpiling medication, transferring their licences and duplicating drug testing. Others are making preparations for shipping medications to and from the EU.
The newspaper revealed that the largest drug maker in the country – GSK – has been forced to set up new laboratories for parallel product testing, as well as transferring its licences to ensure it is still able to sell to EU markets once the UK leaves on 29 March.
Meanwhile Roche, which makes two breast cancer medications, has revealed that it’s stockpiling an additional six weeks-worth of supply for all the products it provides as a contingency for a no-deal Brexit.
There are plenty within the life sciences and pharmaceutical sectors who don’t want to see a no-deal Brexit on the cards though.
PMLive recently reported on fresh calls from the Association of the British Pharmaceutical Industry (ABPI) and the BioIndustry Association (BIA) for a no-deal Brexit to be “avoided at all costs”.
Steve Bates, BIA chief executive, commented: “There is a great deal of detail now in the public domain from the government which shows that they are suggesting expensive duplicative red tape and an impact for NHS patients.”
He has repeatedly warned that doing so will see the UK market become of secondary importance to drug makers, which will therefore mean it takes longer for patients in this country to access new treatments.
The BIA and ABPI have also been very vocal about the success of the UK’s life sciences industry, which boasts world-leading expertise across academic research, R&D and biotech. In fact, the UK biotech sector raised more money than any of its counterparts in Europe last year.
However, there are concerns that if Brexit becomes too messy and protracted, that international investment into this sector will begin to falter.
If you’re looking for help to develop your life science sales pipeline, contact us today to find out how we can be of assistance.