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

4-Traders 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 -0.51% 4989.5 Delayed Quote.-2.83%
GLAXOSMITHKLINE 1.19% 1462.2 Delayed Quote.9.26%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
04/24TI profit tops estimates on automotive, industrial demand; shares rise
RE
04/24PEET COFFEE & TEA : Coffee Reinforces Its Position as Top-Selling Cold Brew with the Introduction of Canned Nitro
PU
04/24U S SENATE COMMITTEE ON ENVIRONMENT AND PUBLIC WO : EPW Leaders Call on EPA to Protect Small Refineries’ Confidential Information
PU
04/24Canada minister says held intense talks on U.S. auto NAFTA proposal
RE
04/24TOTAL : to Develop A.I. Solutions with Google Cloud
PU
04/24ARGONNE NATIONAL LABORATORY : Cracking the catalytic code
PU
04/24BRASFIELD & GORRIE LLC : & Gorrie Marks Construction Milestone on Ovation Office Buildings
PU
04/24STATE OF MONTANA : EPA approves Montana five-year water pollution management plan
PU
04/24HILLSBOROUGH COUNTY FL : Got Junk?
PU
04/24ACCESS TO CAPITAL : FSA Loan Guidebook
PU
Latest news "Economy & Forex"
Advertisement