FiercePharma | Eric
Palmer
The
European Medicines Agency, the drug regulator for Europe, is headquartered in
London. The problem is that the U.K. voted Thursday to leave the European
Union, meaning the EMA will now have to leave and find a new home. It is one of
the countless concerns that affect the pharma industry with Britain’s historic
vote to give up on European unity.
Over
the warnings of business leaders in pharma and all other industries, U.K.
voters by a 52% to 48% margin opted to quit the E.U. While the vote is not
even legally binding, U.K Prime Minister David Cameron has said he would
do as voters decided. He has pledged to resign.
The
financial reaction was immediate and messy. The London FTSE 100 index sank by
8%, the biggest fall in more than three decades, before recovering slightly to
trade down 5%. The broader FTSE 250 index has dropped 7.5%. The pound hit its
lowest level against the dollar in 31 years touching $1.3236, as investors
tried to puzzle through what the vote means for businesses.