How will Brexit affect the Pharma industry?
The UK’s pharmaceutical industry is one of the most important sectors in the country. Closely tied to the international market, and employing up to 70,000 national and international scientists, the pharma industry generates over 10% of the country’s GDP and continues to develop and market drugs that have saved lives around the world.
Any changes to this market due to Brexit are therefore likely to have far-reaching consequences within the industry. From research to pricing, every stage of drug development will be affected as legislation and market demand change and the country faces an uncertain future. Given the importance of the UK as a centre for pharmaceutical excellence, it also seems likely that the impact of Brexit will be felt around the world too.
What changes are on the horizon, and which approaches are pharmaceutical companies likely to take to tackle this over the coming year?
One thing that should be considered first is the type of deal that the UK will strike with the European Union come the 29th March 2019, the date that the country officially leaves. Though of course it would be in the pharmaceutical industry’s best interests to maintain close links to the EU, and to the European Common Market, this may not happen. Depending on what happens, the UK could remain as an EEA member, which would ensure the greatest market stability, and the greatest access to the Single Market. Furthermore, the pharmaceutical industry would continue to operate under the same trading rules and regulations as the rest of the EU. However, a Free Trade Agreement, or WTO deal, could also be signed, effectively cutting the UK market off from EU resources, funding and the single market.
However, what seems clear is that the UK pharmaceutical industry will face a great deal of uncertainty around R&D funding. The UK is currently a part of many of the EU’s Research and Innovation Programmes, among which is Horizon2020, the largest life sciences public-private partnership in the world, which contains over fifty projects that fund research around the UK. When the UK leaves Horizon2020, it’s been estimated that £8.5bn of funding and investment will be threatened; as a result, many UK-based multinationals are considering transferring key research projects to the EU to ensure that they can still take part in international research programmes. In the UK, pharma and life science companies would have to compete for a shrinking pool of funding.
Leaving the EU also poses a range of problems that must be addressed when it comes to attracting new talent, and maintaining trade links. In the past, American and Asian markets have invested heavily in the UK, setting up companies there in order to gain a foothold in the European market. After Brexit, if the UK does not secure a Switzerland-style deal to the EEA, many companies will look to the continent to secure continued access to unfettered trading; countries like Germany, the Netherlands and Belgium all have a strong pharmaceutical heritage, trained, skilled scientists and a highly English-literate population.
A similar problem is also on the horizon when it comes to the labour force: of the 73,000 employed in the Biotech and pharma sectors in the UK, 7% are EU nationals, and many international companies based in the UK will employ a range of international, skilled scientists in everything from research to patents. Though it’s not yet certain what will happen, it seems likely that to avoid lengthy visa processes and costs, that many will relocate to the EU, leaving large numbers of vacancies in the UK for skilled positions across the industry.
However, Brexit also brings with it opportunities for the UK to make the most of its current status as a world leader in clinical research and pharma. The medical resource centre Merck, Sharp and Dohme recently published plans for a new life sciences discovery research facility in the UK, supporting 150 research-based roles, whilst a new partnership was also announced between diagnostics company Qiagen, and Health Innovation Manchester, which aims to develop a genomics and diagnostics campus in the city, providing another 800 jobs. Furthermore, the government recently proposed new plans to ensure that products authorised for sale in the EU, like cars and medicines, could be sold after Brexit.
Alongside further forthcoming announcements of investment in Biotech and pharma sectors, it seems that some companies are still keen on making the most of Britain’s fundamental strengths: its excellent universities, world-class research facilities and London’s position as a global financial centre.
How should pharma companies deal with the uncertainty that accompanies Brexit? By taking the time to plan for uncertainty, and considering the main scenarios for the UK’s departure from the EU, taking into account labour, regulations and investment in order to better prepare for every eventuality. Though Brexit looks to be a major turning point in the history of the UK’s pharma and Life Sciences sector, it also offers new opportunities, new ways of doing business and opportunities to maintain the UK’s status as a leader in the industry.
At IQVIA, we keep up to date with the latest news in the industry so we can continue matching the freshest talent with the best opportunities around the world. Find out more about life in the pharmaceutical industry here, or browse our jobs here.
Sources
https://www.pharmaceuticalonline.com/
http://www.bbc.co.uk/news/uk-politics-32810887
http://www.bbc.co.uk/news/business-42213937
https://ec.europa.eu/programmes/horizon2020/
http://www.greatplacetowork.co.uk/storage/documents/
https://pharmaphorum.com/views-and-analysis/beyond-brexit-uk-can-continue-attract-foreign-investment/
https://pharmaphorum.com/news/uk-pharma-welcomes-government-post-brexit-trade-paper/
Find out more about life at IQVIA
Did you know IQVIA has
1,900+ epidemiologists
and real world insight experts
Did you know IQVIA has
4,600 data scientists
including statisticians and analytics developers
Did you know IQVIA has
Excellent work-life balance
and is committed to this kind of culture
Did you know IQVIA has
86,000+ employees
from clinicians to data scientists each transforming healthcare in 100+ countries
Did you know IQVIA has
Countless development opportunities
for personal and professional growth
Did you know IQVIA has
56+ petabytes of unique data
including 1.2B+ non-identified patient records
Did you know IQVIA cares about
Health and Wellbeing
for all its employees
Did you know IQVIA cares about
Health and Wellbeing
for all its employees
Did you know IQVIA has
86,000+ employees
from clinicians to data scientists each transforming healthcare in 100+ countries
Did you know IQVIA has
Excellent work-life balance
and is committed to this kind of culture
Did you know IQVIA has
1,900+ epidemiologists
and real world insight experts
Did you know IQVIA has
56+ petabytes of unique data
including 1.2B+ non-identified patient records
Did you know IQVIA has
Countless development opportunities
for personal and professional growth
Did you know IQVIA has
4,600 data scientists
including statisticians and analytics developers
Related jobs
Salary:
Location:
Torino
Job Type
Contractor/Consultant
Employment status
Full Time
Job Category
Medical Sales
Location
Torino
Description
Il nostro cliente, realtà farmaceutica in forte espansione e specializzata nel settore della nutraceutica ci ha incaricati di ricercare un Informatore Medico Scientifico, area di lavoro in Piemonte -
Reference
R1366349
Expiry Date
01/01/0001
Salary:
Location:
Padova
Job Type
Contractor/Consultant
Employment status
Full Time
Job Category
Medical Sales
Location
Padova
Description
Il nostro cliente, realtà farmaceutica in forte espansione e specializzata nel settore della nutraceutica ci ha incaricati di ricercare un Informatore Medico Scientifico, area di lavoro in Emilia Roma
Reference
R1366352
Expiry Date
01/01/0001
Salary:
Location:
Amsterdam, Rotterdam, Nijmegen, Den Haag, Den Bosch
Job Type
Apprentice (Fixed Term)
Employment status
Full Time
Job Category
Medical Sales
Location
Rotterdam
Den Haag
Den Bosch
Nijmegen
Amsterdam
Description
Doel van de functieDe Customer Engagement Manager is verantwoordelijk voor een portefeuille van producten binnen ziekenhuizen, algemene gynaecologen en fertiliteitsklinieken. De taken betreffen het c
Reference
R1369424
Expiry Date
01/01/0001
Author
Nadia JonkerAuthor
Nadia JonkerSalary:
Location:
Mumbai
Job Type
Regular
Employment status
Full Time
Job Category
Medical Sales
Location
Mumbai
Description
Job Overview Maximize sales growth in a specified geographical territory, consistent with Company strategy and objectives. This is generally achieved by educating and informing physicians and/or hospi
Reference
R1393036
Expiry Date
01/01/0001
Author
Prasad JadhavAuthor
Prasad JadhavSalary:
Location:
Erfurt
Job Type
Regular
Employment status
Full Time
Job Category
Medical Sales
Location
Erfurt
Description
IQVIA ist ein führender, globaler Anbieter von zukunftsweisender Analytik, Technologielösungen und klinischer Auftragsforschung. Bei IQVIA Contract Sales & Medical Solutions unterstützen Sie unsere Ku
Reference
R1344285
Expiry Date
01/01/0001
Author
Michelle PflanzAuthor
Michelle PflanzSalary:
Location:
Jakarta
Job Type
Regular
Employment status
Full Time
Job Category
Medical Sales
Location
Jakarta
Description
Sales Executive (Jakarta, Medan, Surabaya)Kami mencari seorang Sales Executive yang berpengalaman untuk bergabung dengan tim kami dalam mengembangkan aplikasi baru konsep SaaS di bidang farmasi. Sebag
Reference
R1374944
Expiry Date
01/01/0001
Author
Polly KwongAuthor
Polly KwongSalary:
Location:
Jakarta
Job Type
Regular
Employment status
Full Time
Job Category
Medical Sales
Location
Jakarta
Description
Sales Executive (Semarang, Central Jawa)Kami mencari seorang Sales Executive yang berpengalaman untuk bergabung dengan tim kami dalam mengembangkan aplikasi baru konsep SaaS di bidang farmasi. Sebagai
Reference
R1379173
Expiry Date
01/01/0001
Author
Polly KwongAuthor
Polly KwongSalary:
Location:
Salt Lake City
Job Type
POI without Job
Employment status
Full Time
Job Category
Medical Sales
Location
Salt Lake City
Description
As the only global provider of commercial solutions, IQVIA understands what it takes to deliver nationally and internationally. Our teams help biopharma, medical device and diagnostic companies get t
Reference
R1362370
Expiry Date
01/01/0001
Author
Janice JonesAuthor
Janice JonesSalary:
Location:
Dallas
Job Type
POI without Job
Employment status
Full Time
Job Category
Medical Sales
Location
Dallas
Description
As the only global provider of commercial solutions, IQVIA understands what it takes to deliver nationally and internationally. Our teams help biopharma, medical device and diagnostic companies get t
Reference
R1362367
Expiry Date
01/01/0001
Author
Janice JonesAuthor
Janice JonesSalary:
Location:
Tampa
Job Type
POI without Job
Employment status
Full Time
Job Category
Medical Sales
Location
Tampa
Description
As the only global provider of commercial solutions, IQVIA understands what it takes to deliver nationally and internationally. Our teams help biopharma, medical device and diagnostic companies get t
Reference
R1362369
Expiry Date
01/01/0001
Author
Janice JonesAuthor
Janice JonesSince joining IQVIA I have had unrivalled support and development from my manager to enable me to aspire to move into secondary care. I feel like my career is strongly supported by my manager in order to maximise my potential.
Just following on from the amazing news I got yesterday I wanted to say a really special thank you for all the help and support you have provided throughout the entire recruitment process.
IQVIA has been behind my development to become a MSL. The contracts that I have worked on have allowed me to push clinical projects with a recent opportunity to manage a pilot scheme integrating e-detailing into an established field based team. The result was an increase in sales.
A quick note to say thank you for your time this morning discussing my future career options. As you know I was feeling very conflicted about the right decision. Discussing the role with you gave me chance to clarify what is important to me.
Once again I cannot thank you enough for not only approaching me with this opportunity but also for all the support you’ve given me along the way!
IQVIA has been behind my development to become a MSL. The contracts that I have worked on have allowed me to push clinical projects with a recent opportunity to manage a pilot scheme integrating e-detailing into an established field based team. The result was an increase in sales.
IQVIA Related insights
Teaser
Medical Sales & ServicesContent Type
ArticlePublished
19/03/2024
Summary
Are you wondering if medical sales is a good career? All over the world, the medical and pharmaceutical sectors are booming, and nowhere more so than in the UK. With a thriving ecosystem of research
Teaser
GeneralContent Type
ArticlePublished
05/02/2024
Summary
Lucy Manning sits in our clinical trials team, but that’s not where her career started at IQVIA. It all began at the back end of 2022 when Lucy took on a fixed-term contract as a Project Support Coo
Teaser
SalesContent Type
ArticlePublished
02/02/2024
Summary
Does the idea of being a medical sales rep excite you? This crucial position lets you make connections with companies and practitioners in the medical field. It’s also a growing and dynamic industry.
Content Type
ArticlePublished
04/01/2024
Summary
Are you ready to step into a career that's both rewarding and accessible? Becoming a phlebotomist could be your ticket into the thriving world of healthcare. It's not just about drawing blood; it's ab
Teaser
MedicalContent Type
ArticlePublished
20/11/2023
Summary
In the tapestry of healthcare, where expertise meets innovation, individuals like Marissa, a Senior Nurse Advisor at IQVIA, play a pivotal role. Marissa has not only learned from challenges but has e
Teaser
SalesContent Type
ArticlePublished
13/11/2023
Summary
A guide to excelling in Key Account Manager jobs in healthcare In the dynamic landscape of the healthcare industry, the role of a Key Account Manager (KAM) is pivotal. Experienced account managers con
Teaser
Medical Affairs & ServicesContent Type
ArticlePublished
10/11/2023
Summary
The role of medical science liaisons has never been more pivotal. Why? As catalysts for change and advocates of cutting-edge advancements, these professionals play a crucial role in fostering collab
Teaser
Medical Sales & ServicesContent Type
ArticlePublished
25/10/2023
Summary
In an industry where cutting-edge innovations and life-changing treatments are introduced every day, the role of ethics in medical device sales is critical. Bridging the gap between groundbreaking m
Teaser
Clinical OperationsContent Type
ArticlePublished
06/10/2023
Summary
Need some guidance on how to get a job in clinical research?Clinical research is a dynamic and rewarding field that transcends borders, offering professionals worldwide the chance to contribute to m
Teaser
SalesContent Type
ArticlePublished
06/10/2023
Summary
In the dynamic and competitive world of medical sales, the path to success is not just about knowing your products or having an impressive CV. Instead, amongst key skills, it's often the abili
Content Type
ArticlePublished
31/08/2023
Summary
Are you one of the 788,638 registered general nurses in the UK? Are you looking for a new challenge, with opportunities to grow and make a real impact in the world of healthcare? A unique and transf
Teaser
Medical Sales & ServicesContent Type
ArticlePublished
24/08/2023
Summary
In the dynamic landscape of global healthcare, staying abreast of emerging trends is not just an option—it's a strategic imperative for Key Account Managers (KAMs) who strive to excel in their roles.
Recently viewed jobs