Brexit: What Can The Life Sciences Industry Do About It?
With the UK seemingly heading towards an exit from the European Union in just two and a half years’ time, restrictions on the free movement of people, products and finance will impact the life science sector as much as, if not more than, many others.
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Faced with a predicted sharp decline in economic growth as a result of the Brexit vote, the UK Chancellor of the Exchequer has fleshed out proposals for supporting R&D and innovation that have been welcomed by the biopharmaceutical industry.
Liam Fox, one of the ministers in charge of leading the UK out of the EU, does not want the country to stay within the wider European drug regulatory system, even though many in the life science sector see this as vital if regulatory divergence and drug marketing delays are to be avoided.
London-based pharma consultancy Novasecta systematically researched the implications of the Brexit vote over the three-month period since the UK referendum vote in late June. The firm shares insights from its conversations with pharma company execs, and offers advice on managing in these uncertain times.