Brexit and Irish Pharma
The UK’s decision to leave the EU in Summer 2016 sent shockwaves throughout Europe and left neighbouring countries struggling to interpret what ‘Brexit’ means for them. Ireland, as the UK’s closest neighbour both culturally and geographically, could stand to benefit from the decision in the medium- to long-term, especially in terms of its healthcare and life sciences sector.
Pharmaceuticals is indisputably a key pillar of the Irish economy. Nine of the world’s top ten biggest drugmakers are located in Ireland and half of all the nation’s goods exports, making up EUR 30 billion in 2015, come from pharma. With this strong foundation, the UK’s decision to leave the EU is actually creating opportunities for the sector to develop even further, not least in the potential relocation of the EU-wide drug regulatory body, the European Medicines Agency (EMA), from London to Dublin.