Pfizer anticipates cost of preparing for impending Brexit could hit $100mn

By Sean Galea-Pace
The US-based pharmaceutical company, Pfizer, has announced that it anticipates the costs of preparing for Brexit to reach $100mn, Bloomberg reports. It...

The US-based pharmaceutical company, Pfizer, has announced that it anticipates the costs of preparing for Brexit to reach $100mn, Bloomberg reports.

It has been reported that the costs have surged from “transferring product testing and licences to other countries, changing clinical trial management procedures, and other preventive measures”.

It is expected that the running of Pfizer’s operation is due to experience a negative impact because of incoming restrictions to the ability to import and export goods out of the UK.

Pfizer, along with other pharmaceutical companies operating in the UK, must work “to meet EU legal requirements after the UK is no longer a member state, especially in the regulatory, manufacturing and supply-chain areas” because of the upcoming Brexit.

See more:

Bloomberg reported that around 2% of Pfizer’s $53bn revenue in 2017 stemmed from its operations in the UK, and that uncertainty surrounding the manner in which the UK will leave the EU “has forced companies including AstraZeneca Plc, GlaxoSmithKline Plc and U.S.-based Merck & Co. to prepare for a worst-case scenario.”

The head of an industry trade group reportedly said: “Hundreds of millions of pounds are being spent on getting ready that could have gone to developing new treatments”.

Of the effect these complications may have upon patients, Pfizer said: “In order to minimize any potential patient impact we have undertaken work to ensure we can continue to supply in the EU and the U.K. covering all Brexit scenarios”.

Bloomberg, citing the British Medical Journal, added: “Brexit also threatens supplies of medical isotopes that are used to diagnose and treat about 1 million people in the U.K. each year.”

Share

Featured Articles

Johnson & Johnson: Turning supplier spend into local support

Johnson & Johnson’s Global Supplier Diversity & Inclusion team is growing spending with social enterprises around the globe to expand its impact

Seasonal Affective Disorder’s impact on health & solutions

Dr Ravi Gill & Dr. Naomi Newman-Beinart discuss Seasonal Affective Disorder and its treatments, from vitamin D spray to light therapy

CGI teams up with Totalmobile for digital healthcare service

CGI is driving efficiency in healthcare. Hear from Helena Jochberger, at Manufacturing Digital LIVE, a free virtual event on Wednesday 6th December 2023

Deloitte: generative AI can improve access to healthcare

Technology & AI

Wipro & NVIDIA’s revolutionary healthcare uses generative AI

AI & ML

Healthtech platform CoverSelf extends seed round to US$8.2m

Technology & AI