An island, Brexit and a most perfect storm

Abstract

On 29 March 2017, the European Council received the notification by the UK of its intention to withdraw from the EU. This set in motion a chain of events within the pharmaceutical industry, amongst other things. Contingency plans by industry, academia and specific member states have kicked in with a view to address any foreseeable regulatory challenges, primarily medicine shortages together with any associated price hikes. An unexpected twist in the Brexit drama is the expected significant loss of 30% in the European Medicines Agency’s workforce owing to its relocation to Amsterdam by 29 March 2019, when the United Kingdom withdraws from the EU. Although this may well mean a golden career opportunity for some, as from 1 August 2018 it has also resulted in a reduction of regulatory services offered by the Agency. Interestingly, the European Medicines Agency’s lease of its London headquarters, 30 Churchill Place in Canary Wharf, does not expire until 2039 and there is no early break clause. It is understood that EMA pays around €14m each year for rent and has an outstanding liability for the remainder of the term of approximately €400m (including service charges).