Brexit And The Healthcare Industry 2020 – Implications For Pharma

 The “Brexit and the Healthcare Industry – Implications for Pharma – Q3 2019” report has been added to ResearchAndMarkets.com’s offering.

Three years on since the UK voted to leave the European Union (EU), and after the third extension of the Brexit deadline, the departure date is now set for January 31, 2020. After an unsuccessful attempt to get the country out of the EU within the October 31 deadline, UK Prime Minister Boris Johnson, decided to call a national ballot on December 12 to resolve the Brexit deadlock.

Healthcare industry professionals are quite divided regarding Brexit’s outcome post January 31 with 26% and 43% of the UK and US respondents, respectively, stating that there will be a further delay once the current deadline is reached, and 43% of the EU respondents believing that Brexit could be achieved by renegotiating a current withdrawal agreement.

The UK’s initial withdrawal date was March 29, 2019, but after seven months of ongoing political division, economical paralysis and unsuccessful attempts to deliver Brexit, it seems that the pharma industry is still unsure whether the stagnation period is going to end. Nevertheless, compared to data we had before the previous October 31 Brexit deadline; this time, the respondents seemed to gain more confidence that a no-deal Brexit scenario can be avoided.

With the general elections approaching, the UK’s main political parties present different agendas for Brexit. Conservatives are determined to leave the EU before January 31. On the other hand, Labour is pledging to renegotiate the agreement with the EU and hold a referendum on a new deal with an option to remain in the EU included. By revoking Article 50, the Liberal Democrats (Lib Dems) and the Scottish National Party (SNP) are planning to remain in the EU. In the event of failure to cancel Brexit, SNP promises to hold another EU referendum.

While the pharma industry continuously indicates that the preferred outcome of Brexit is no Brexit, it is easier said than done. If pro-referendum parties won, due to time needed to get the referendum organized, Brexit would not be resolved before the deadline. While revoking Article 50 might seem as an easier solution, there are no certain directions coming from legislative bodies on whether a new Prime Minister would need an approval from parliament to revoke or if the UK would need to have a referendum to overrun a referendum.

The only certain thing about Brexit is uncertainty. Conservatives securing a majority may throw the UK into post-Brexit economic slowdown and regulatory limbo. Then again, any other election outcome might bring the UK’s and Brexit’s fate back into the hands of the EU.-Globe Newswire