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Brexit – 10 months to go!

With just 10 months to go, how much is the impact of Brexit being felt across the Life Sciences industry?

June 2018

Brexit – 10 months to go!

With just 10 months to go, how much is the impact of Brexit being felt across the Life Sciences industry?

 

Hiring

We are already seeing some unexpected consequences of Brexit negatively impacting hiring in the UK for Life Science firms. With the onset of Brexit, reduced numbers of highly skilled professionals from elsewhere in Europe are choosing to relocate to the UK. This will present a problem for companies that have historically relied upon bringing in external talent to fill key positions. This shortfall has also led to an increase in Tier 2 visa applications for non-Europeans by UK companies. Which, in turn, has led to large numbers of applications being declined. Theresa May is under growing pressure to ditch the arbitrary cap on visa numbers after the Home Office turned away skilled migrants from outside the EU for the sixth month in a row in April. 

The announcement last year that the EMA would be relocating from London to Amsterdam brought home just how much of an impact Brexit could have on UK Life Sciences plc. What the true cost will be to business, employees and ultimately patients, is yet to be known.

EMA

The announcement last year that the EMA would be relocating from London to Amsterdam brought home just how much of an impact Brexit could have on UK Life Sciences plc. What the true cost will be to business, employees and ultimately patients, is yet to be known.

Unsurprisingly, we have seen a significant uplift in Regulatory Affairs roles in the Netherlands. Mike Thompson, Chief Executive of the ABPI, has rightly congratulated Amsterdam on their successful bid but also has issued a warning urging “both the UK and the EU to put patients first and acknowledge that securing a comprehensive agreement to cooperate on medicines safety, regulation and supply is an urgent negotiating priority." This follows on from a report in The Economist (printed 16/11/17) which stated "if progress on post-Brexit arrangements is not made… an increasing number of pharma firms will activate 'no deal' contingency plans to avert problems in the supply of medicines". These plans are time consuming, costly and have the potential to destabilise morale and positive sentiment within your employees. According the same report both AstraZeneca and Eisai have begun to draw up plans “to duplicate their testing and approval procedures elsewhere in Europe, in order to ensure access to the EU market after 2019. Eisai says the work is costing many millions of pounds—money that it notes will offer “no gain” to patients. Pascal Soriot, the boss of AstraZeneca, says his company has an entire team working on Brexit contingency plans”.

 

Let us know how you are feeling about Brexit and the likely consequences for our sector?