Michael Barbella, Managing Editor07.10.23
Despite the perceived benefits that European independence would provide to the United Kingdom and its life sciences sector, Brexit and COVID-19 have had the most negative impacts on the sector, according to a survey conducted by GlobalData.
In the survey,* “Brexit and the Healthcare Industry,” 60% of respondents from the United Kingdom and 50% from Europe believed that Brexit had a more damaging effect on the U.K.'s healthcare sector compared to the COVID-19 pandemic, inflation, or the Russia-Ukraine war. On the other hand, APAC and U.S. respondents contend the pandemic brought more harmful consequences.
“The U.K. officially left its transitional period from the European Single Market and Customs Union in January 2021, when the country was still in lockdown," GlobalData Market Research Senior Director Urte Jakimaviciute said. "Even as the impact of the COVID-19 pandemic starts to fade, Brexit continues to bring uncertainty for the future of research, manufacturing, funding, talent attraction, regulatory affairs, and trade.”
While it is difficult to disentangle Brexit's and the COVID-19 pandemic's effects on the United Kingdom, Brexit's impact is expected to linger longer. The pandemic impacted many countries worldwide, but Brexit is felt most in the United Kingdom and Europe. Given how deeply the United Kingdom was integrated with the single market, disintegration and the creation of new regulations will take many years to complete.
“More than three years on from the withdrawal date, and two years after the completion of the transition period, the same survey suggested that more than 30% of healthcare industry professionals still believed that “No Brexit” would be the best outcome of Brexit for the U.K.’s healthcare industry. Brexit is not a simple, one-off occurrence, it will take years to get into shape and martialize. Brexit was a risk and only time will show whether the U.K. will gain or lose more from leaving the EU,” Jakimaviciute concluded.
* A total of 120 pharmaceutical industry professionals participated in the 10-minute survey, conducted Feb. 9 - March 6, 2023.
In the survey,* “Brexit and the Healthcare Industry,” 60% of respondents from the United Kingdom and 50% from Europe believed that Brexit had a more damaging effect on the U.K.'s healthcare sector compared to the COVID-19 pandemic, inflation, or the Russia-Ukraine war. On the other hand, APAC and U.S. respondents contend the pandemic brought more harmful consequences.
“The U.K. officially left its transitional period from the European Single Market and Customs Union in January 2021, when the country was still in lockdown," GlobalData Market Research Senior Director Urte Jakimaviciute said. "Even as the impact of the COVID-19 pandemic starts to fade, Brexit continues to bring uncertainty for the future of research, manufacturing, funding, talent attraction, regulatory affairs, and trade.”
While it is difficult to disentangle Brexit's and the COVID-19 pandemic's effects on the United Kingdom, Brexit's impact is expected to linger longer. The pandemic impacted many countries worldwide, but Brexit is felt most in the United Kingdom and Europe. Given how deeply the United Kingdom was integrated with the single market, disintegration and the creation of new regulations will take many years to complete.
“More than three years on from the withdrawal date, and two years after the completion of the transition period, the same survey suggested that more than 30% of healthcare industry professionals still believed that “No Brexit” would be the best outcome of Brexit for the U.K.’s healthcare industry. Brexit is not a simple, one-off occurrence, it will take years to get into shape and martialize. Brexit was a risk and only time will show whether the U.K. will gain or lose more from leaving the EU,” Jakimaviciute concluded.
* A total of 120 pharmaceutical industry professionals participated in the 10-minute survey, conducted Feb. 9 - March 6, 2023.