Brexit: what’s the bigger picture for the pharma sector?

In the UK there has of course been great debate on Brexit – each side fighting its cause and every sector obviously having an opinion on what it would mean if the country does or doesn’t leave the EU

The pharma sector has been pretty vocal on the topic with the media keen to report on the risks facing the sector should the UK see an exit as the way to go.

A recent report by the Economist Intelligence Unit (EIU) notes that it isn’t just UK pharmaceutical companies that have made the country their base and would be affected if the country leaves the EU – Gilead Sciences and Eli Lilly from the US are examples of firms that have set up European headquarters in the UK, taking advantage of the country’s skill set and transport and trade links.

The issue of funding has also been highlighted with the suggestion that UK cash available for research wouldn’t match current EU reserves.

Much discussion has taken place on regulatory shake-up in the UK if Brexit wins out.

Would the country remain part of the European Medicines Agency (EMA) if it leaves the EU or is there a possibility for it to partner with the FDA further down the line?

According to figures from ABPI, the UK pharmaceutical industry directly employs around 73,000 people of which 23,000 work in research and development (R&D).

The sector is innovative, highly skilled and contributes to the health and well being of us all.

While the global industry has sometimes hit the headlines for negative reasons – price hikes, adverse clinical trails and fees paid to the healthcare sector, for example – there is no getting away from its contribution to improving the way disease is treated as well as its on-going research into future treatment and prevention of illness.

The prominence of Brexit has brought to the fore many UK sectors and the way the EU may or may not affect their future success.

In or out of Europe the pharma industry has a crucial role to play.

The UK sector is part of a bigger industry and we should remember that the worldwide market contributes significantly to the its economy.

According to the World Health Organization, the global pharma sector is worth £205 billion a year; while according to a study commissioned by the IFPMA the global pharmaceutical sector has a pivotal role within the world economy – an economic footprint of $437 billion global GDP and across the world employs the equivalent of the entire Belgium workforce.

While the Brexit campaign has created a short-term focus on one country’s part in the pharmaceutical sector, it is crucial to hold tight to the industry’s on-going success to the global economy, whatever the outcome, and ensure its innovation and dynamism aren’t dulled in the process.