Recently, the European Union (EU) Falsified Medicines Directive (FMD) came into force, but the UK could be kicked out of the newly launched pharmaceutical safety system if it fails not to a withdrawal agreement with the EU, which resulted in a Brexit without agreement. Although millions of dollars were invested in the project, in less than 50 days, while the UK was due to leave the EU on March 29, 2019, the UK may be forced to isolate itself from has been dubbed the highest drug safety system in the world. The new technology ensures that every FMD medication is tracked from the production line to each person and organization with which it comes in contact until it finally reaches the end user, the patient. Can be verified and authenticated at each stage of his journey.
This could potentially decrease the number of counterfeit as well as falsified medicines being introduced into the European medical supply chain. The FMD control system is expected to be a problem during the first weeks of operation because not all drugs have been found to be fully compliant. Very few drugs in the supply chain will have the new FMD safety feature and others may return an error message. Unless there is a clear indication that the drug is counterfeit, or if there is another important determinant, the drug must be used. There is no doubt that these youth problems will quickly disappear in the coming weeks, and as the United Kingdom’s pharmaceutical supply chain approaches compliance, it could be excluded from foot-and-mouth disease if Brexit without a transaction. This is undoubtedly infuriating for drug giants and pharmaceutical SMEs operating in the United Kingdom who have spent months refining their internal systems to comply with foot-and-mouth disease.
Several Other Industries Hit By Brexit
No agreement is in the interest of the NHS [National Health Service] or its patients. Not being part of the safest drug system in the world, a system that the UK has helped design and build, and that protects against fake drugs, makes no sense. Being a part of this system also ensures their safety is the minimum that must be respected by British patients. All retailers in the UK do not reduce their jobs and announce profit warnings. Those in the luxury sector had one of their best performances so far. Walpole, an organization that promotes British luxury, said the sector has grown 49% over the past four years.
Helen Brocklebank, CEO of Walpole, said that some of its members had record sales in 2018. With regard to duty-free purchases – the purchases of wealthy tourists in the UK – British luxury sales have grown faster than their continental counterparts in the last five years, according to data. However, these results go against the British retail sector, which has had to cut tens of thousands of jobs to remain profitable. British supercar maker McLaren recorded a 49.3% increase in sales in 2018, completing eight consecutive years of growth. In China, sales increased by 122.5%. It’s the British beauty of luxury that makes it so appealing to all the international rich.
According to Walpole, about 78% of British luxury goods are for export. Most of them go to the United States. At home, Chinese tourists carry luxury goods while shopping in Britain. Chinese tourists account for 32% of tax-free sales according to Global Blue. The second region is the GCC region, made up mainly of buyers from the United Arab Emirates, Saudi Arabia, and Qatar. Jacques Stern, CEO of Global Blue, calls these buyers elite buyers and estimates that they spend an average of £ 30,000 in UK goods per visit. When buyers come to the UK, they first visit British brands. What remains to be seen, is if recent Brexit renegotiations will witness any signs of compromise.
It is no doubt that Brexit is heading toward a no-deal scenario with both the United Kingdom and European Union planning contingency plans to keep their vital industries alive. A few of its prominent hit industries apart from the pharmaceutical industry would include the automotive, tourism, agriculture and financial services. Four of Germany’s 16 states will be forced to shoulder the burden of more than three-quarters of the full impact felt by a no-deal Brexit because of the automotive sectors in regions scored by Brexit – Bavaria, North Rhine-Westphalia, Baden-Wurttemberg and Lower Saxony.
With tourism being a major market in the region, the market is likely to be affected and countries like Spain are worried about its deep consequences. Balearic Islands, Mallorca, popular destinations in British package holidays is a likely affected area in the near future. Another important failing industry, the agriculture sector is also sure to feel the pinch in the after effects of the Brexit. Britain imports a huge deal of meat, cheese and salad from Europe, which sparked fears of a meal deal sandwich shortage, which Britons purchase around 4 billion a year from supermarkets. Financial services are also a strong sector that is expected to fall short in the coming years for being unable to match up to both side negotiators which would eventually raise damaging barriers to trade.
An important element to be considered in the Brexit agreement is that some regions (and some of the sectors of the economy) have little representation in the Brexit negotiations and rarely figure in media discussions. The most prominent stories of the potential impact of the Brexit is those with underlying political or business interests. Case in point is the need for special treatment of particular industries after Brexit tends to revolve around financial services, automobile and aerospace firms. These industries are not just widely understood and are highly critical for the UK economy, but they are also encouraged for being industries with strong lobbying power and access to government policymakers. Therefore, an industry’s exposure to Brexit is defined by the extent it is dependent on products or services that cross a UK-EU border at least once.