In 2018, a report published by the British Medical Association (BMA) reported that Brexit had engendered a significant threat to the NHS and the UK’s health economy.

The primary issues predominantly surround the “no deal” aspects of Brexit, which effectively closes off the country’s borders to the rest of the European Union (EU). This means that all healthcare and medical products circulating between the two entities have now been significantly disrupted.

With an uncertain economic future looming over the UK and the NHS, lawmakers are more pressed than ever to find a beneficial solution to revitalise this country’s health economy.

One such venue to achieve this outcome is the reinstatement of international trade with global leaders worldwide.

Although the pandemic and its associated travel restrictions hit the brakes on international trade, the flow of goods between countries is growing faster than ever.

If it has not already been made apparent, today’s leading economic countries largely depend on international trade to keep their markets alive.

Effectively, most sectors of society rely on the ability of supply chains to deliver goods and services from all over the world to the public, and the UK is no exception.

And now, for the first time in 50 years, the UK government is negotiating for international trade agreements(ITAs) with other nation-states to cushion the growing economic demands that stem from its departure from the EU.

International trade agreements can benefit the UK health economy in several domains ranging from the overall reduction of prices to improved access to healthcare.

For example, one central element of ITA negotiations is the reduction of tariffs and other trade barriers that significantly mediate how a given product or service will be priced. When these conditions are reduced, so will their retail price.

Another crucial factor is how ITAs can create new jobs and increase revenue within the UK health sector. With increased exports resulting in new trade agreements, health-related companies receive the opportunity to set up shop within the UK and provide necessary forms of employment.

Additionally, when international companies are allowed to enter the market and provide healthcare services in the UK, this can increase competition among providers, thereby driving down costs and incentivising providers to offer better value to patients.

Along with this will come additional investments into health technology and other forms of research which create the space for the development of new treatments and medical devices.

Ultimately, it is difficult to accurately predict how international trade can boost the UK health economy post-Brexit. However, fruitful trade agreements between international powers will be able to fill an economic void that has been expanding over the previous years.

To achieve this, international trade must fulfil three core elements for our Health economy to thrive again:

1. Managing the deficit in supply and availability of medical products – Prior the Brexit, the UK significantly depended on medicines produced and exported from the EU. The departure from the EU has since disrupted these supply chains, and they are in dire need of replacement.
2. Access to skilled labour – The NHS and health sector previously relied on medical talent stemming from the EU who are now unable to travel and work between the two entities due to Brexit. ITAs must equally fill this gap by creating a bridge of employment between the UK and the rest of the world.
3. Dealing with financial implications – Brexit has heavily impacted the healthcare sector and increased the cost of treatment and health-related products within the country. This rise in costs is beginning to negatively impact the access and availability of healthcare to lower socio-economic groups.

Evidently, when we consider the full scope of the implications, many problems still need solving for the UK health sector to re-establish itself. However, international trade has presented the opportunity for our health economy to regain footing and begin taking to the foreground.

Through fruitful international trade agreements, the flow of goods, services and talent will not only revitalise the economy but equally improve the main aspirations of our healthcare services – Treating patients in need.

Improving health outcomes and patient experience are front and centre of what drives us here at HIC and we believe international trade agreements can accelerate the improvement of healthcare in the UK. HIC are here to support healthcare technologies from around the world navigate the UK healthcare landscape. Our teams are vastly experienced in delivering healthcare technology in local, regional and national healthcare organisations and on hand to help you through your digital journey.

We’re here to help you develop, implement and spread your technology. Contact us today—we’ll provide you with the guidance and support you need through your digital journey.