#Brexit: Sad news for the UK Biotech scene…

24/06/2016 - 5 minutes

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. 

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