Whitepaper/App Note

Whitepaper: The impacts of Brexit on the bio/pharmaceutical industry

Posted: 26 November 2018 | | No comments yet

On 23 June 2016, the decision was made on the European Union referendum for the United Kingdom to withdraw from the European Union.

Known as Brexit, this process will result in the United Kingdom becoming a third-party country to the European Union and will close the UK’s access to the Single Market effective 29 March 2019. Brexit will affect the bio/pharmaceutical industry worldwide as currently the UK is deeply integrated to the global pharmaceutical trade.

Of the $1.1 trillion estimated world pharmaceutical market in 2016, about 50% or $568 billion were exported according to World Trade Organization (WTO) data. As one of the main suppliers and customers, the UK contributes 6% of both total imports and exports worldwide.

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