Pfizer says getting ready for Brexit will cost $100m
The Viagra maker revealed the one-time costs estimate in a formal filing.
It warned the result of Britain’s “complex” negotiations to leave the bloc “may pose certain implications to our research, commercial and general business operations in the UK and the EU”.
New York-headquartered Pfizer, which generated around 2% of its 2017 $53 billion revenues from the UK, said potential implications were linked to the approval and supply of products.
Its report referred to the European Medicines Agency moving its HQ from London to Amsterdam due to Brexit.
The company said: “Pfizer’s preparations are well advanced to make the changes necessary to meet EU legal requirements after the UK is no longer a member state, especially in the regulatory, manufacturing and supply chain areas. The aim is to ensure the continuity of supply to patients in Europe and other global markets impacted by these changes.”
A spokesman today added: “Due to the long lead times we have in our supply chains, we are asking the EU and the UK to propose a mutual recognition agreement for medicines’ regulation and supply, and to support this alongside other elements to foster longer-term regulatory continuity between the EU and UK.”
The drugmaker’s plea comes amid industry concerns that leaving the bloc could lead to firms having to test and register drugs in the EU and the UK, as well as difficulties in recruiting scientists.
There are also fears of a slowdown in goods at borders that are currently open.
French drugs group Sanofi and Switzerland’s Novartis are stockpiling medicines in case of possible supply disruption.
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