Impact of Brexit on Pharma Space
The Union of the European countries, also known as the European Union or the EU, is more or less like a conglomerate of countries. These countries make up the whole continent. The economic and political ties that EU countries share were fostered after the end of World War II. Since then, the EU has been considered as a single market. This was taken in a positive light, but lately, this forced camaraderie had come under the scanner when Britain voted to leave the Union.
BREXIT, the ‘EXIT’ of ‘BRITAIN’ from ‘EUROPEAN UNION’, shook the whole world when the United Kingdom voted in favour of leaving the EU.
The provision of BREXIT was carried out by the European Union Referendum Act 2015 (c 36), which is an Act of the Parliament of the UK. This referendum was created to provide a legal provision for the United Kingdom of Great Britain and Northern Ireland and Gibraltar to choose to remain or leave the membership of the European Union.
The whitepaper covers the Journey right from the EU referendum and the need for Brexit listing Implications of the Brexit on the pharma market in different regions, Economic consequences in the UK. The most significant uncertainty the pharmaceutical industry is facing if the UK were to leave the EU is the impact on regulatory processes and market authorisation of drugs in the UK.