At best, Brexit has been a polarizing political decision among British and world citizens. At worst, it is devastating both on a personal and global level. While its true effects have yet to be seen, Britain's decision to leave the EU could spell big trouble for the country's economy and several other infrastructural facets. What could this mean for Britain's pharmaceutical industry?
The State of Pharmaceutical Market Authorization and Britain's Regulatory Processes
Britain currently has two organizations in charge of its pharmaceutical drug administration: the MHRA (or Medicines and Healthcare Products Regulatory Agency) and EMA (European Medicines Agency). The former is localized to just Britain, while the latter handles medicine for every country aligned with the EU. These organizations granted Britain the ability to allow certain medicines into the country at a much quicker rate based upon the level of demand. Large populations living with certain medical conditions had easier access to the medicines they need, thus preserving their health.
While Britain was under the EMA's medicinal jurisdiction previously, since its decision to sever ties with the EU, this legal and regulatory measure has been cut. Britain's status as the main headquarters for the EMA creates a major complication for their regulatory affairs, especially no they've split from the EU.
A Negative Ripple Effect
Now that Britain is no longer affiliated with the EU but houses the EU-aligned EMA, the latter will have to relocate from the former. While this result may sound relatively small, Britain's severance with the EU and, consequently, the EMA generates a host of negative effects as far as the pharmaceutical industry is concerned. Experts predict it will be much more difficult for the country to obtain medicines for its citizens.
Medicinal expenses could drastically increase for citizens, creating a noticeable and hard-hitting difficulty to obtain medications. The scientific side of pharmaceutical work will ultimately fall slack as the necessary funding recedes. The country will be left out of a majority of medical advances and could potentially lose other health-based partnerships it formed during its membership with the EU. As much as 8.2 million pounds' worth of scientific backing could go to waste thanks to the split. Finally, regulatory compliance procedures will take a hit because the country will have to endure a long wait for drugs to be deemed safe for release and consumption. Overall evidence points to Britain's entire pharmaceutical industry suffering thanks to the decision to cut the EU's safety net.
What Lies Ahead?
It will ultimately be up to those in pharmaceutical staffing to make things work for the better. For now, all pharmaceutical leaders can do is formulate a strategy regarding how to cope with Brexit's effects and preserve the industry as much as possible. To learn more about this important issue and how you can get involved, get in touch with us.