By Ben Hirschler
LONDON, July 7 (Reuters) - Drug industry and governmentofficials have set up a task force to address regulatory andother problems facing the pharmaceutical sector followingBritain's decision to leave the European Union.
Drugmakers, which overwhelmingly favoured remaining in theEU, account for 25 percent of all UK business research spendingand companies have warned that Brexit threatens uncertainty,added complexity and potential drug approval delays.
The new steering group will be co-chaired by GlaxoSmithKline chief executive Andrew Witty, AstraZeneca CEOPascal Soriot and life science minister George Freeman, agovernment spokesman said on Thursday.
An inaugural meeting was held on Wednesday and participantsagreed to look into issues ranging from intellectual propertyand trade to regulation and access to skilled workers.
GSK and AstraZeneca said in a joint statement they wanted tosecure outcomes that would "enable our industry to continue tomake an important contribution to health and wealth".
That is also an aim shared by the government, which has saidover many years that pharma and biotech are priority sectors.
Although the impact of Brexit on global companies like GSKand AstraZeneca will be limited, the UK pharmaceuticals tradeassociation has warned that having Britain outside the EU couldundermine future investment, research and jobs in the country.
Significantly, Britain may also have to develop its owndomestic regulatory system, adding an extra layer of regulationand bureaucracy, and British patients could move to the back ofthe queue for new medicines if companies prioritise the largerEU market over the UK.
Currently, Britain is a significant hub for life sciencecompanies, helped by the presence in London of the EuropeanMedicines Agency, which acts as a one-stop-shop for EU drugapprovals. But the pan-European drugs regulator is now expectedto relocate to another EU city. (Reporting by Ben Hirschler; Editing by Elaine Hardcastle)
Astrazeneca (AZN)
Glaxosmithkline (GSK)
