LONDON--(BUSINESS WIRE)--Infiniti, a leading market intelligence solutions provider, has announced the launch of their latest article on illuminating the impact of Brexit on Europe’s pharmaceutical industry. Brexit can have several implications of Europe’s pharmaceutical industry. From product development to market approval to the shipping of medicines and medical devices, pharmaceutical companies can expect to be affected in a broad range of areas.
For over 15 years, Infiniti’s solutions have helped several companies stay on top of their game by offering solutions to improve their competitive intelligence capabilities. This article provides comprehensive insights into what pharma companies in the UK and Europe must be prepared for post Brexit.
Companies in the pharmaceutical industry in the UK will have to manage the impact of Brexit carefully to prevent some of the negative aspects. However, uncertainty will have adverse effects on pharmaceutical and life sciences companies in other European countries as well. This article, which is now available for free download, contains critical insights from experts at Infiniti relating to the impact of Brexit on the pharmaceutical industry.
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Relocating European Medicines Agency (EMA)
One of the key pharmaceutical industry market access challenges that Brexit brings along with it, irrespective of the path it takes, is related to the future location of the European Medicines Agency. Since its inception in 1995, EMA had been located in London. However, the Netherlands has now won the bid to host new EMA headquarters post-Brexit. With the EMA headquarters soon moving to Amsterdam, several changes may be implemented to rules for medicinal products that are developed and tested in the UK. However, the extent of Brexit-induced changes to the pharmaceutical industry has yet to be decided.
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Movement of people and pharma products
Pharma products form a considerable part of goods that are exported to and from the UK. Any post-Brexit hurdles to the free movement of goods could mean trouble for those supplies, potentially leading to temporary drug shortages. This is especially true in the case of drugs such as medicinal insulin that are not manufactured in the UK nor is it easily stored, as it requires temperature-controlled conditions. However, it is not only the movement of medicines that’s at risk. As the possibility of stricter rules regarding the flow of people between the UK and the EU looms, companies in the pharmaceutical industry are concerned about their ability to attract talent from outside Britain in the future. It is vital that pharmaceutical companies to still be able to access the best talent from around the world.
Change in the UK’s contribution to drug regulation
UK plays a significant role in drug regulation in the EU through the work of the Medicines and Healthcare Products Regulatory Agency (MHRA). The UK frequently serves as rapporteur/co-rapporteur in the EU’s centralized procedure and as the reference member state in the decentralized procedure. It will prove to be a challenging task to replace the MHRA’s capacity and expertise, particularly in the case where the timetable for reform is aggressive.
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Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies.