Subject category:
Economics, Politics and Business Environment
Published by:
Amity Research Centers
Length: 9 pages
Data source: Published sources
Abstract
Over the years, pharma industry in the UK had witnessed fairly consistent growth in terms of output, productivity and employment. Being the most research intensive among the constituents of the UK's economy, the pharma sector contributed around a fourth of all commercial research and development carried out in the country. The country's reliable legal system accompanying strong intellectual property protection milieu reportedly helped it in becoming a key centre for pharma manufacturing. Besides, the UK's status as a prime location for clinical trials reportedly boosted its desirability as a pharma development hotspot. But with the UK announcing its intention to move out of the European Union (EU), there were ample speculations concerning the fate of the UK's pharma industry. Popular as Brexit, the move was considered to have some of critical implications for the UK Pharma Industry. The likely shifting of the drugs regulator of Europe to Amsterdam following Brexit from the erstwhile Canary Wharf of London posed more uncertainties with many critical issues still lying unresolved before the end of cross-channel collaboration over patient safety and medicines regulation. It was also viewed as a challenge to disentangle decades of integration. But some experts even foresaw opportunities for the UK pharma post Brexit. With the UK leaving the EU, would the approval of medicines there undergo a separate process of authorization thereby compounding the regulatory load for many pharma companies? Leading to the delayed launch of medicines, would the UK face loss concerning early access programmes? What opportunities if at all, were there in store post Brexit?
About
Abstract
Over the years, pharma industry in the UK had witnessed fairly consistent growth in terms of output, productivity and employment. Being the most research intensive among the constituents of the UK's economy, the pharma sector contributed around a fourth of all commercial research and development carried out in the country. The country's reliable legal system accompanying strong intellectual property protection milieu reportedly helped it in becoming a key centre for pharma manufacturing. Besides, the UK's status as a prime location for clinical trials reportedly boosted its desirability as a pharma development hotspot. But with the UK announcing its intention to move out of the European Union (EU), there were ample speculations concerning the fate of the UK's pharma industry. Popular as Brexit, the move was considered to have some of critical implications for the UK Pharma Industry. The likely shifting of the drugs regulator of Europe to Amsterdam following Brexit from the erstwhile Canary Wharf of London posed more uncertainties with many critical issues still lying unresolved before the end of cross-channel collaboration over patient safety and medicines regulation. It was also viewed as a challenge to disentangle decades of integration. But some experts even foresaw opportunities for the UK pharma post Brexit. With the UK leaving the EU, would the approval of medicines there undergo a separate process of authorization thereby compounding the regulatory load for many pharma companies? Leading to the delayed launch of medicines, would the UK face loss concerning early access programmes? What opportunities if at all, were there in store post Brexit?