The first thing I checked this morning was the outcome of the Brexit vote, and what sad news when I read Brexit won. It was close, but the only thing that matters is the end result. Now, what will be the impact of such a vote on the UK biotech scene? The result will be significant, as it will impact regulation, finances, employees, cooperation and research.
On a general level, the post-brexit forecasts are pretty dire. According to HSBC: the pound could collapse by as much as 15%, a 3% to 4.5% jump in inflation could be expected by late 2017 and the GDP might be 1% to 1.5% lower in 2017 than it would have been otherwise.
When you look at the details for one single industry, i.e. biotech, the impact could be even worse.
16% of UK research funding comes from the EU
Let’s start with research. 16% of research funding come from the EU. The Brexit will obviously cut that funding off.