The Brexit agreement has brought about major changes in various industries, including pharmaceuticals. The UK`s withdrawal from the EU has not only affected the pharmaceutical companies in the UK and Europe but also the patients and healthcare providers.
One of the most significant impacts of the Brexit agreement on the pharmaceutical industry is the change in regulations. The EU`s regulatory framework for medicines, including clinical trials and approval processes, will no longer apply to the UK after the transition period ends on January 1, 2021. Instead, the UK will adopt its own regulatory system, which could lead to differences in the approval and availability of medicines.
Moreover, the Brexit agreement has also raised concerns about the supply of medicines. The UK imports around 37 million packs of medicine from the EU each month, including lifesaving drugs, and any delays in the supply chain could lead to shortages. To mitigate the potential risk of medicine shortages, both the UK and the EU have agreed to cooperate closely on regulatory standards and licensing of medicines to avoid duplication and ensure the continuity of supply.
Another concern is the impact of Brexit on the pharmaceutical industry`s ability to conduct research and development. The UK has been a key player in European pharmaceutical research and development, and Brexit could hinder collaboration between the UK and the EU. However, the UK government has announced plans to establish a new research agency that will fund high-risk, high-reward projects to ensure that the UK remains at the forefront of scientific research and development.
In conclusion, Brexit has brought several changes and challenges to the pharmaceutical industry. The changes in regulations, potential delays in the supply chain, and the impact on research and development are only a few of the many challenges that the industry will have to navigate. However, with the right policies and strategies, the industry can continue to thrive in the UK and Europe.