How do we know?
According to a report by the BBC, Farrar believes that Britain is at risk of losing its lead where drug R&D is concerned because plans for regulating medicine after Brexit haven’t been made clear. Farrar says this could slow down the development of drugs.
Does this matter?
Yes, says Farrar. Speaking at a meeting in London organised by the MHRA, he is reported to have told BBC News that large pharma companies were waiting to see details of the government’s plans for regulating medicine.
“If that clarity is not forthcoming and people can’t be sure of the long-term stability and the clarity of those future relationships, then inevitably that will be factored into their investment decisions.”
What would Farrar like to see?
Clarity around the negotiations so that businesses which are currently looking as far ahead as 2025 for investment planning, have that information to hand..
Are there any other issues?
Yes. According to Farrar, the UK could become isolated if it doesn’t reach an agreement with the EU over close medicines regulation after Brexit. At the moment costs are kept down due to the UK being part of the European Medicine Agency. Its regulations are close to those of the US and Japan so that drugs developed in UK companies ‘have something close to a one-stop regulatory shop to have access to a vast international market’.
Farrar highlights the fact that countries that are isolated in terms of regulation experience slower innovation.
Is it hopeless situation?
No, Farrar believes not. He tells the BBC: “All negotiations are complex but if people are willing to compromise where necessary and people are willing to ensure that ultimately the [wellbeing] of European Union citizens and those of this country in a post-Brexit world are at the heart of these negotiations, then I think it’s doable.”