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1/25, 3:22 PM (Source: TeleTrader)
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Novartis warns of negative impact of no-deal Brexit

Novartis warned on Friday that a potential no-deal Brexit could have a negative impact on patients and noted it is increasing its stockpiles of medicines in the United Kingdom in order to be prepared in case Britain leaves the bloc without an agreement.

"Following parliament’s vote, the risk of UK exiting the EU without a deal is increased and this will be hugely impactful for patients, particularly around the supply and safety of medicines," Novartis stated. The Swiss pharmaceutical giant urged the UK government to "implement a comprehensive continuity plan rapidly" to ensure drugs can smoothly enter the country after Brexit.

Last week, UK lawmakers rejected Prime Minister Theresa May's withdrawal agreement, which intensified fears of a no-deal scenario. Earlier today, UK Chancellor of the Exchequer Philip Hammond said that, despite the fact that there is no consensus in Parliament what Britain wants from Brexit, most MPs agree that a no-deal outcome should be prevented. The UK Parliament is due to debate and vote on a revised Brexit deal next week.

Breaking the News / NP