Last week, Great Britain voted to leave the European Union of 28 member states, or “Brexit.” Since the result was announced sterling has fallen to a 31-year low, there has been a record daily drop in global equity markets and political turmoil has broken out as the UK Prime Minister has said he will step down and the majority of the leadership team of the official opposition party has resigned.
Concerns have also been raised that the City of London will lose its place as a global financial center as UK-based firms will lose the passport to sell services and distribute products across the EU. Like finance, the UK pharmaceutical industry is heavily regulated and faces potential damage, which will depend on the exit deal that the UK government eventually negotiates with the EU. Before the referendum, more than 90 senior executives in the UK biopharmaceutical industry had signed a letter supporting the UK remaining in the EU.
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