No Brexit is the preferred outcome for healthcare
Following the Government’s humiliating defeat over May’s Brexit deal, international analytics firm GlobalData has found that pharmaceutical companies are hoping for No Brexit. The company’s pharma analyst says the crashing out of the EU will put the industries £70 billion contribution to the UK economy at risk.
Gavin Davidson has looked at the results of three reports compiled by the company in the first three quarters of 2018, focussing on how Brexit could affect investment in pharmaceutical research in the UK.
“Throughout 2018, the global biopharma industry’s opinion of the UK as an attractive place to base research and manufacturing has steadily eroded and last night’s vote will have done nothing to improve this sentiment with the looming possibility of a ‘No Deal Brexit’.
‘In a series of quarterly surveys (Q1-Q3), GlobalData asked key respondents from the US, UK, and EU healthcare markets, whether or not they thought that the UK will remain an attractive place to do central business. In all markets, decreases in ‘yes’ answers were observed; however in the UK and EU markets, confidence has collapsed with abysmal rates of 17% and 19% respectively after Q3.
Alexandra Annis, GlobalData’s Managing Pharma Analyst, added to Gavin’s analysis following on from last night’s vote of no confidence:
“Although May survived the vote of no confidence, the defeat of her Brexit deal provides substantial uncertainty for the UK healthcare industry with the potential for a ‘No Deal’ Brexit, an extension to the Brexit deadline, or even No Brexit. As of October 2018, ‘No Brexit’ was compellingly the best outcome of Brexit for pharma as indicated by *60% of respondents in the pharmaceutical sector who participated in GlobalData’s survey on the impact of Brexit on the healthcare sector.
“The pharmaceuticals industry is one of the largest and most dynamic in the UK, and is a major contributor to the economy. As well as being the home to the pharmaceutical giants GlaxoSmithKline and AstraZeneca, many other leading international pharmaceuticals companies have sizeable operations in the UK marking substantial importance to the UK economy.”