Possible consequences of Brexit on European pharmaceutical market
Date
2020
Authors
Batraga, Anda
Kite, Matiss
Duboviks, Janis
Salkovska, Jelena
Journal Title
Journal ISSN
Volume Title
Publisher
University of Latvia
Abstract
Brexit has been a hot topic of discussions since the referendum held in June 23 2016; the long and
difficult negotiations and multiple delays of the Brexit have caused uncertainty and confusion in pharmaceutical
industry in both UK and EU. As EU pharmaceutical companies have been part of UK pharmaceutical market for
decades and makes considerable contribution to UK`s health system it is important to acknowledge what the Brexit
might bring to the industry and how the company marketing strategies should be aligned to cope with the consequences
caused by Brexit.
Purpose of the article: The purpose of the research is to assess the influence of Brexit on EU and UK
pharmaceutical markets and industry in order to acknowledge potential risks, challenges for conducting marketing
activities in UK pharmaceutical market after Brexit. The findings of this article could later be used by pharmaceutical
industry professionals to better understand the Brexit influence on pharmaceutical industry and align their marketing
strategy.
Objective: To assess the possible consequences of Brexit on UK and EU pharmaceutical markets and industry.
Methodology/methods: In order to attain the goal and objectives, the following quantitative and qualitative
methods were used: meta and content analyses, analysis of the most recent scientific and professional literature
available and in-depth interviews of industry experts. The study is based on scientific papers published by foreign
scholars, general and special literature, periodicals, governmental and industry reports.
Findings: the research outlined the challenges that pharmaceutical industry is facing due to Brexit process; it also
outlines the possible future challenges that industry might face in the future and outlines possible solutions that can
be adapted in practice.
Description
Keywords
Pharmaceutical Industry , EU Pharmaceutical Market , Brexit , Pharmaceutical product availability , Research Subject Categories::SOCIAL SCIENCES::Business and economics