The new Santander Trade Barometer report for 2019 and 2020 has just been published. Inside, we will find out about confidence of British businesses, their prospects of growth and their favourable destinations for international trade. The last section is covered by Tom Elliot, Head of International at Medilink North of England.
Tom notes that Brexit uncertainty is one of the most pressing risks for the life sciences industry in the UK. However, foreign direct investment remains strong. With Brexit making it more difficult to obtain the resources available from bodies such as Innovate UK, R&D funding is now a concern.
The UK’s brand, enhanced by the reputation of the NHS, is powerful in foreign markets and continues to attract attention from the Middle East and Asia. Life sciences businesses are particularly interested in exporting to the US, often seeking FDA accreditation in the first place, as a result of delays in CE mark accreditation through the under-capacity notified bodies.
As part of Brexit preparations, Tom recognises that harmonising regulatory standards with key markets could help accelerate the process of launching new products overseas, creating new global opportunities for life sciences businesses.
You can find out more about the risks and opportunities in international trade posed by Brexit in our FREE webinars - click here.