Brexit Repercussions

According to a statement released by the head of the Commons committee, Rachel Reeves, the advent of Brexit could have dire consequences on the UK medical and pharmaceutical sector.

Speaking of the event, the chair of Britain’s Business, Energy and Industrial Strategy, (BEIS), Rachel Reeves stated that the access to new medical products could also be at risk. She continued that the uncertainty surrounding Britain’s decision to leave the UK was “very concerning”.

A number of MPs have already begun analyzing the probable consequences of Brexit on the industry. The committees will also have to take into account the country’s access to skilled workers from other parts of the European Union.

Reeves believes that the evidence uncovered by such committees will prove that Brexit will threaten “the cost of medicines, investment in the UK, and access to new and innovative research products”.

She spoke of how the concerns raised about the “future regulation of pharmaceuticals, mutual recognition of medicines, and the prospect of damaging disruption to cross-EU drug supply chains”.

She added that the entire scenario was gravely concerning since the global market was likely to put down the UK as an undesirable investment.

The MP inquiry comes despite an announcement made last week concerning the entry of two new pharmaceutical heavyweights.

Although others such as GlaxoSmithKline have also expressed an interest in future UK investments, there are a number of Brexit-themed hurdles to faces.

Brexit will also mean that the headquarters of the European Medicines Agency will be shifted from London to Amsterdam.

Reeves pointed out how everyone concerned, both in the UK and the EU were keen to “examine” the concerns and ensure the “smoothest possible transition” for Britain’s departure.