Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

Thousands of drugs face Brexit risk, makers to duplicate testing

share with twitter share with LinkedIn share with facebook
share via e-mail
0
11/09/2017 | 11:56am CEST

LONDON (Reuters) - Supplies of thousands of medicines are at risk of disruption if Britain leaves the European Union without a trade deal, forcing manufacturers to prepare for duplicate product testing to ensure their drugs stay on the market.

More than 2,600 drugs have some stage of manufacture in Britain and 45 million patient packs are supplied from the UK to other European countries each month, while another 37 million flow in the opposite direction, drugmakers said on Thursday.

Brexit threatens the free flow of these goods, given stringent medicine regulations that will require the retesting of drugs shipped across borders in the absence of an agreed trading arrangement.

The European Federation of Pharmaceutical Industries and Associations (Efpia) said a survey of its members showed 45 percent of companies expected trade delays if Britain and Europe fell back onto World Trade Organization rules after Brexit.

Drugmakers also face an additional hurdle when it comes to licensing their products, since more than 12,000 medicines will require a separate UK licence in order for them to be prescribed.

"For life-saving and life-improving medicines, the EU and UK cannot afford to wait any longer to ensure that the necessary cooperation on medicines is in place from the day the UK leaves the EU," said Efpia Director General Nathalie Moll.

Pharmaceutical companies have insisted since last year's Brexit referendum that a comprehensive agreement is needed to ensure maximum alignment between EU and British pharmaceutical regulations.

But with the clock ticking down to Brexit in March 2019 with no sign yet that a trade deal will be concluded, many companies are drawing up detailed procedures to protect drug supply chains.

AstraZeneca's (>> AstraZeneca) chief executive, Pascal Soriot, said his company was working on additional systems for quality control and release of products after manufacturing.

"What we are doing now is duplicating this process, so that we can release goods in Europe that have been manufactured in the UK," he told reporters after the company announced its quarterly results on Thursday.

GlaxoSmithKline (>> GlaxoSmithKline) also said last month it was preparing a system to test drugs inside the European Union if Britain crashes out of the bloc without a trade deal.

(Reporting by Ben HirschlerEditing by Toby Chopra, Greg Mahlich)

By Ben Hirschler

Stocks treated in this article : AstraZeneca, GlaxoSmithKline
Stocks mentioned in the article
ChangeLast1st jan.
ASTRAZENECA 1.32% 5619 Delayed Quote.9.72%
GLAXOSMITHKLINE 2.39% 1463.6 Delayed Quote.10.67%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
08:19aIMPORT PRICES IN AUGUST 2018 : +4.8% on August 2017
PU
08:19aDESTATIS FEDERAL STATISTICAL OFFICE OF GERMANY : Tax paid on fewer cigarettes in the third quarter of 2018
PU
08:19aISE IRISH STOCK EXCHANGE : Trading update for the third quarter of 2018
PU
08:11aThai September tourist arrivals up 2.13 percent year-on-year - tourism ministry
RE
08:09aPhilippines cuts 2018 GDP growth goal, raises inflation targets
RE
08:08aEU trade chief says Trump rhetoric not helpful in tariff talks
RE
08:07aChina local governments' hidden debt could total $5.8 trillion - S&P
RE
08:06aLOST IN TRANSMISSION : China's small firms get more loans on paper but not in reality
RE
07:48aMINISTRY OF PETROLEUM AND NATURAL GAS OF REPUB : Minister of Petroleum & Natural Gas to launch the Road Show for Phase II of Indian Strategic Petroleum Reserves on 17th Oct’2018
PU
07:41aAsia stocks edge higher but Saudi tensions limit advance
RE
Latest news "Economy & Forex"
Advertisement