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LONDON (Alliance News) - Steve Elliott, chief executive of the Chemical Industries Association, said that, whilst a choice to leave the European Union is not the decision the chemical and pharmaceuticals sector wanted, it must now "look to the future".
The chemical and pharmaceutical sector is the UK's largest manufacturing exporter, with annual exports of close to GBP50 billion, according to the Chemical Industries Association.
Elliot said that the vote by Britain to leave the European Union was "democracy in action ? both in terms of the result and the level of participation".
"It is not the decision that our sector wanted, but we fully respect the wish of the people for change," Elliott said.
"Whilst business craves certainty, it is also used to operating in challenging and changing circumstances; this is what companies and their representative bodies do wherever they operate. We now have to look to the future and I am confident that an important and resilient industry such as ours can prosper in this new situation," Elliott added.
Elliott called on the UK government to work hard on securing "the best exit plan for the UK", and urged for an "immediate period of calm reflection to minimise instability".
"As an association we will do everything we can to help our members through any period of uncertainty and to be influential in the government's negotiations, both here in the UK and with our partners in Brussels. Our sector looks forward to playing its part in helping to carve out a new role for our country, maximising UK chemical and pharmaceutical competitiveness and jobs in the global economy," Elliott said.
Mike Thompson, chief executive officer of the Association of the British Pharmaceutical Industry, said the UK's vote to leave the European Union "creates immediate challenges" for the industry.
"The voice of the British people has been heard. This creates immediate challenges for future investment, research and jobs in our industry in the UK. With that being the case, we are committed to working closely with the government to agree what steps need to be taken to send a strong signal that the UK is open for business," said Thompson in a statement.
Shares in small London-listed pharmaceutical companies were falling dramatically early Friday, with Tiziana Life Sciences down 29%, Dechra Pharmaceuticals down 24%, and Oxford Pharmascience Group down 15%. However, large-cap drug stocks were relatively stable. AstraZeneca shares were down 1.3%, while those of GlaxoSmithKline were up 0.5%.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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