Possible consequences of Brexit on European pharmaceutical market

Abstract

Brexit has been a hot topic of discussions since the referendum held in June 23 2016; the long and difficult negotiations and multiple delays of the Brexit have caused uncertainty and confusion in pharmaceutical industry in both UK and EU. As EU pharmaceutical companies have been part of UK pharmaceutical market for decades and makes considerable contribution to UK`s health system it is important to acknowledge what the Brexit might bring to the industry and how the company marketing strategies should be aligned to cope with the consequences caused by Brexit. Purpose of the article: The purpose of the research is to assess the influence of Brexit on EU and UK pharmaceutical markets and industry in order to acknowledge potential risks, challenges for conducting marketing activities in UK pharmaceutical market after Brexit. The findings of this article could later be used by pharmaceutical industry professionals to better understand the Brexit influence on pharmaceutical industry and align their marketing strategy. Objective: To assess the possible consequences of Brexit on UK and EU pharmaceutical markets and industry. Methodology/methods: In order to attain the goal and objectives, the following quantitative and qualitative methods were used: meta and content analyses, analysis of the most recent scientific and professional literature available and in-depth interviews of industry experts. The study is based on scientific papers published by foreign scholars, general and special literature, periodicals, governmental and industry reports. Findings: the research outlined the challenges that pharmaceutical industry is facing due to Brexit process; it also outlines the possible future challenges that industry might face in the future and outlines possible solutions that can be adapted in practice.