Medilink North of England News 2019 Medilink NOE News 2019 | Page 9

FINCH INSURANCE As insurance and employee benefits advisors to many companies in the medical sector, here are two of the main issues our clients are raising with us: Stockpiling: Many businesses have taken the step of substantially increasing their stock levels to prevent against shortages and rising costs. In such circumstances, two factors need to be balanced. Firstly, the level of stock insurance held by the business needs increasing to recognise the increased value at risk. Secondly, depleting cash flow to pay for stock could affect a business’s ability to buy, or be covered by, credit insurance which is a valuable tool in protecting a business from bad debt. The battle for talent: With Brexit looming, businesses are even more worried about their ability to attract people from the EU. To position themselves as ‘employers of choice’ businesses are having to invest in enhanced Employee Benefit and rewards structures for their people. Neal Lumb - Director - Finch 07599 718453 | [email protected] REAL STAFFING Brexit has had a big impact on staffing and resourcing, especially due to the extended period of uncertainty. A real concern for many organisations in the Life Sciences sector is losing EU migrant workers who may return home due to Brexit. This can be an issue for companies as they look to retain and grow their teams, particularly in an ever-expanding market where demand outweighs supply. One way to mitigate risk is to understand which positions fit into ‘low-skilled’ vs ‘high skilled’, as high skilled workers will be given priority, compared to low skilled workers who are at a greater risk to proposed immigration changes. At Real Staffing we have seen a 36% increase in interim/ contract spend year on year as companies increasingly turn to flexible solutions such as high skilled interim specialists/consultants to deliver projects – particularly with the looming MDR / IVDR deadlines. Ryan Collett - Business Manager - Real Staffing 0113 241 6690 | [email protected] COMMERCIAL LAW SPECIALISTS HILL DICKINSON The health tech and life science sectors are notable not only for the breadth of regulation which applies to them, but also for the extent to which that regulation is harmonised within the EU. Much EU legislation has already been incorporated into UK law and will remain in place post-Brexit. By contrast, EU Regulations are directly applicable without the need for national legislation so will no longer including: ǩ7KHUROHRIWKH0+5$DQGUHFLSURFDO benefit of its expertise; ǩ:LWKGUDZDOIURPLQWHJUDWHGYLJLODQFH processes; ǩ,QHOLJLELOLW\WRSDUWLFLSDWHLQ(8UHVHDUFK projects; ǩ&KDOOHQJHVWRGDWDVKDULQJDQG ǩ&OLQLFDOWULDOVUHJXODWLRQ In the event of a ‘no deal’ Brexit, statutory instruments will come into force as a guillotine to revoke certain EU Directives and Regulations adopted into UK law. The MHRA has published guidance about its implications, a ‘no deal’ outcome would be a drastic, unattractive way for the UK to exit the EU and would make ongoing close cooperation with the EU extremely difficult. There is also apply when the UK leaves the EU, unless It is therefore preferable that the UK Government guidance on the implications specifically adopted. The UK’s withdrawal agrees a form of regulatory cooperation of a ‘no deal’ Brexit for companies in from the EU offers an opportunity to with the EU, allowing the UK to remain this sector, but it remains to be seen review existing regulation, and it may aligned with current and future regulatory how these arrangements will operate in be that certain aspects of EU regulation frameworks. It would also be beneficial practice. A structured withdrawal with an are deemed to be unnecessary post- for the UK to remain actively involved in associated transition period offers a more Brexit. However, divergence from the EU regulatory processes and decisions, comprehensive regulatory framework vigilance systems, and policy development. gives rise to a range of challenges, manageable outcome. James Lawford Davies – Partner - Hill Dickinson LLP 9