After a protracted slowdown in the post pandemic period, the life sciences sector is finally springing back to life. July was the record month this year so far and the signs are positive looking forward. In terms of what had caused the lull, it is worth factoring that with the UK leaving the EU this had meant that the MHRA had to take over regulatory approvals for new trials, and this process has taken time to bed in.
The 2023 year saw a dip across both DACH and BENELUX regions, reflected by the EU data. DACH has kept higher numbers than BENELUX since the start of 2022, but this gap is now shortening whilst still being apparent. So far, the first half 2024 is projected to see lower volumes than the full-year estimate.
The UK’s political landscape is particularly noteworthy with Europe facing a series of summer elections. If it gains power, the Labour Party has explicitly stated its intention to improve trade relations with the EU. Although specific plans have not been detailed, any shift in this direction could alleviate the sectoral dampening caused by Brexit.
As the UK moves past the pandemic, the life sciences industry is still adjusting to the challenges associated with the post-Brexit regime. This, combined with the slowdown in trials during the pandemic, has resulted in a slowdown in recruitment within the sector, particularly affecting regulatory affairs professionals.
For the UK Pharmaceuticals industry, the headwinds are real. The post pandemic hangover, at first caused by clinical trials being delayed on approval, so that COVID-19 related drugs could be prioritised meant that as the pandemic subsided, the pipeline of other drugs going to clinical trials had slowed to a trickle. The MHRA was supposedly tasked with creating a fast track regime to overcome this, equally even now, the EMA is approving drugs faster. Hence for pharmaceuticals companies looking at where they should organise trials, the UK is as a result, less attractive.
