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Brexit signals steep slope for Pharma

Brexit signals steep slope for Pharma

With a withdrawal agreement, the view from our pharma clients is that many fears of a no deal have been averted. While fears around getting medicines in and out of the country may have been alleviated, many of the other major concerns from two years ago still remain in play.

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Tim Sarson, a partner for KPMG’s Life Sciences team, comments:

“With a withdrawal agreement, the view from our pharma clients is that many fears of a no deal have been averted. While fears around getting medicines in and out of the country may have been alleviated, many of the other major concerns from two years ago still remain in play.

“We warned in 2017 that the industry was in denial about the impact of Brexit, but since then businesses have put in a huge amount of work to prepare for any major issues. In particular, regulatory duplication and divergence, lack of access to pan-EU trials, loss of scientific talent, and of course, logistical delays and medicine availability have been the main focus.

“But there are still a number of uncertainties. Big players in the industry have raised questions about the Government’s decision not to maintain regulatory alignment with the rules of the Internal Market and the Customs Union. Furthermore, there are still big concerns around what Brexit will mean for hiring talent and research collaboration. 

“December 2020 remains a big inflection point that could lead to major upheaval; maybe not quite a cliff-edge but certainly a steep slope. Pharma companies need to focus this year on making their voice heard with government on both sides of the negotiation, and making sure they don’t simply forget about and move on from the contingency plans they so carefully developed in the last three years.”

                                                        ENDS

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