Morningside Pharmaceuticals details how it is preparing for Brexit and what other life sciences companies can do to get ready for when the UK leaves the EU.
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In the United Kingdom, the company’s products are distributed twice daily to NHS hospitals and pharmacies. Globally, the business is one of the leading medical suppliers to aid agencies, charities and NGOs – including UNICEF, the Red Cross and the World Health Organisation (WHO).
Morningside Pharmaceuticals is one of many small and medium-sized businesses across the country who will need to be ready when the UK leaves the EU. Leaving the EU will bring important changes to the way companies conduct business and it is vital that they are prepared.
Dr Nik Kotecha OBE, chief executive of Morningside Pharmaceuticals, said: “Preparing to leave the European Union must currently be the number one priority for every UK business.
“It is one of the most challenging issues facing UK companies. My company manufacture and supply quality medicines to the UK and international markets. We stand ready for the changes that will come and want to share our experiences with other UK businesses to help them do the same.”
Dr Nik Kotecha’s top tips for other pharmaceutical businesses to prepare for Brexit include:
- Ensure you have enough stock to meet normal supply, for example a minimum of six weeks’ worth of drugs to cover any delays caused by a No Deal Brexit.
- Make sure you have an Economic Operators Registration and Identification (EORI) number that starts with GB to continue exporting into and importing from the EU. It’s quick, easy and free to do on gov.uk/brexit
- You can also use the Common Transit Convention (CTC) to move your goods quicker so customs declarations are not required at each border crossing. For more information on the CTC please visit here.
- Sign up for Transitional Simplified Procedures (TSP), which make it easier to import goods from the EU in a No-Deal situation by delaying your declaration and paying any relevant import duties and/or VAT.
- Look into setting up a Duty Deferment Account. This will enable you to make one payment of customs duties a month instead of paying for individual shipments. You must set one up if you plan to use Transitional Simplified Procedures, which you can find more information on here.
- You will also need to check the rate of tax and duty to pay, as you will need to pay customs duties and VAT on all imports.
- A facility in the port of Ostend, in Belgium, has been set up, so if there is a problem, manufacturers can apply for a coupon to move stocks through there efficiently in the event of a No Deal Brexit. Our haulage providers are also taking part in Alternative Routing, which is worth exploring. This will see other routes looked at to avoid delays at Dover and Calais.
- Apply to be an Authorised Economic Operator (AEO), which is an accreditation given by HMRC and shows that our supply chain is safe and secure.
- Companies can also apply for a Training Grant from government, which is for any company that has to do additional work with regards to customs procedures because of Brexit.
Visit gov.uk/brexit for tailored business information or to sign up for email updates.