Majority of global healthcare professionals in UK-based companies do not anticipate staff relocations post Brexit, according to a survey by GlobalData.
Conducted to gain insights into the impact of Brexit on the pharmaceutical industry, the survey has been featured in the company’s report titled ‘Brexit and the Healthcare Industry – Implications for Pharma, Q1 2018’.
The report offers analysis of expectations of the pharmaceutical industry on how Brexit may affect the healthcare sector, within as well as outside Britain.
During the survey, 81% of UK-based respondents said ‘No’ or ‘No and I do not believe it will’ when questioned about their company’s communication on potential staff relocation because of Brexit.
Only 19% of the participants are expecting that change, while 7% answered that their company headquarters might move from the UK, states Thomas Moore, Healthcare Analyst at GlobalData.
However, about 50% of respondents based in the US and European Union (EU) said ‘Yes’ or ‘Not yet, but I expect it will’ to the question on staff relocation.
GlobalData estimated a total of $87.5bn in global sales from the UK-headquartered companies in 2017, with GlaxoSmithKline and AstraZeneca accounting for about 80% of the generated amount.
The company noted that due to this dynamic nature of market, even a small decrease in the size of the sector can lead to significant effects on the UK economy.
It further stresses the need for understanding and predicting any such changes in order to support the UK pharma sector to remain strong after Brexit.
Moore said: “Results from our survey also suggest that the uncertainty over the final Brexit deal is the driving factor behind any changes in corporate strategy so far due to Brexit. Approximately half of all survey participants said that Brexit had affected their company’s corporate strategy, with the most common reason being having to invest resources into managing the potential outcomes of Brexit.”