Brexit Effect On UK Medtech: View From The US
A few short weeks after the UK public voted in favor of leaving the EU – and several high-profile political casualties later – the issue is not yet of the Brexit dust settling, but of nervous preparations for when it will. Economic commentators, weighed down by news overkill, say that the true indications of what lies ahead are at least another month away: bad news indeed for those who find the short-term ride plenty bumpy enough.
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While medtech trading economies and major exporting firms agonize over the effects that Brexit will have on their own future prospects, Switzerland, small in geographic terms but a major player in medtech and the global health care products industries generally, has been among the first to quantify its concerns.
As night turned to day on June 24, it became clearer by the hour that the unthinkable had happened, and the UK’s long and acrimonious debate about its 43-year membership of the European Union had ended in a victory for the Leave group. The local health care products industries made their views clear some weeks ago, but today and in the months to come, they will have to confront a Plan B that was never in the plans.
BVMed says the EU and the UK should set up a system of mutual recognition of medical device regulation to kick in when the UK’s EU exit transition period ends on 31 December.