A vaccine against the potential deadly flu-like virus is not expected to be available for more than a year by which time the UK could be outside the authority of the EU’s medicines regulator, the European Medicines Agency (EMA). And pharmaceutical firms are more likely to prioritise the EU market rather than submitting their drug to the UK’s Medicines and Healthcare products Regulatory Agency first.
Olivier Wouters, assistant professor of health policy at the London School of Economics, told politico.eu: “The European Medicines Agency is representing a patient pool of 500 million-odd patients. That seems like a more lucrative market for a drug company or a vaccine maker to prioritise.”
Lisa Nandy has called for the Brexit transition period to be extended due to the outbreak of coronavirus.
Branding the matter “a public health disaster waiting to happen”, Ms Nandy said British businesses could not cope with increased uncertainty in a column for The Guardian.
She said: “British companies who trade with the EU do not know what terms they’ll be trading on in 10 months’ time. Add to this the failing demand and disruption caused by coronavirus and it is reasonable to expect many businesses will not survive.
“Coronavirus is a threat to the global economy as well as to public health. Every family will be affected and those who have less will feel it the most. In a globally connected world, we are only as strong as the most vulnerable.”
The fall comes after the Bank of England cut interests rates by 50 points to 0.25 percent.
This is its first emergency move since the financial crisis.
Jane Foley a senior currency strategist at Rabobank said: “We saw an immediate reaction
“The 50 basis point move was on the aggressive side of expectations and it was a bit of a surprise that they went before the budget.”
Italy has lashed out at the EU for failing to step up to the plate over coronavirus.
The country has been the hardest hit outside China with 10,149 cases and 631 deaths.
Its ambassador to EU Maurizio Massari said Italy had asked to activate the EU Mechanism of Civil Protection for the supply of medical equipment for individual protection and but not a single member state responded to the call.
Mr Massari said: “We are facing exactly the type of emergency in which a “Europe that protects” must show it can deliver.
“Unless we wake up immediately, we run the risk of going down in history like the leaders in 1914 who sleepwalked into World War I.
“The virus will pass, but any rotten seeds of complacency or selfishness will stay.
“The coronavirus crisis is a test of the EU’s cohesiveness and credibility — one that can only be passed through genuine, concrete solidarity.
“Europe must act according to the principle of mutual defense and help those members whose security is under threat.