On June 24, 2016, much of the UK woke to the news that its nation had voted to leave the European Union.
The EU referendum result, although not unanimous, was telling as 52 percent of the British electorate voted in favour of a Brexit (or British Exit).
When Prime Minister David Cameron swiftly announced his resignation on the steps of 10 Downing Street, he made clear the onus would be on his successor to negotiate terms of the UK's exit.
Furthermore, once Article 50 of the Lisbon Treaty is invoked, the UK will have two years to wrap up its affairs, drawing to a close its 43-year relationship with the EU.
But as the dust begins to settle, researchers around the country are starting to fret over what the result could mean for UK clinical research. Indeed, the ramifications may not be felt for years to come.
In a CTA exclusive, experts from GlobalData assess the implications of Brexit in its latest white paper, Post-Brexit Fall-Out for the UK Pharma and Medical Device Industries. Below is a snippet from this compelling paper:
"For the pharmaceutical and medical device industries, the vote for Brexit will likely lead to consequences in five key areas: regulatory impacts, research and development, access to talent, intellectual property rights (IPR) and market access.
"For manufacturers, the most immediate impact will be in the area of drug and medical device regulation. The two-year series of negotiations may seem to be a reasonable time period to make adjustments, but the medical industry is used to extended discovery and development timelines; in that context, two years is very short, and the sudden increased uncertainty as to the outcome may affect investment in the industry:
"'Given the time scales that life sciences operates, to suddenly enter a two-year negotiation process doesn't sound like a long time… and that uncertainty adds risk to how one believes one is going to monetize investments,' said David Shaw, chief operating officer, GlobalData."
To finish reading this white paper, download the full paper here.