Britain’s historic vote to leave the European Union (EU) last week shocked the world as financial markets plunged in reaction to a decision no one expected.
It could take years to fully comprehend what this moment signifies for the global economy, but the European Medicines Agency (EMA) is one institution facing a particularly uncertain future after this referendum.
The EMA, currently headquartered in London, will need to seek a new home that is still part of the European Union in order to continue fulfilling its regulatory duties when it comes to drug approvals, wrote Politico. The agency serves as an important stop for drug makers seeking marketing approval for new treatments in Europe.
Sweden, Denmark, and Italy are some of the locales that have expressed interest in housing the EMA.
An estimated 840 regulators and scientists are employed by the EMA and setting up a new base in an area with strong inter-EU connections would be beneficial when it comes to expert input regarding committee meetings, according to Politico.
But this move could be complicated.
“Industry executives fear upheaval at the EMA could snarl the EU’s drug approval process and Britain may have to develop its own domestic regulatory system, leading to further confusion,” reported Reuters.
Furthermore, a scenario of this nature would mean drug companies would prioritize launching new medications in the EU market instead of Britain’s.
The country’s exit from the EU will be a long negotiation process, but it’s still unknown how things will play out.
However, politicians and business leaders from all over the world are calling for an orderly transition.
Filed Under: Drug Discovery
