The European Medicines Agency (EMA) should be relocated from London to Dublin following the UK's decision to leave the European Union (EU), according to the British Irish Chamber of Commerce.

The EMA is a decentralised agency of the EU, which began operating in 1995.

It is responsible for the scientific evaluation, supervision and safety monitoring of all medicines developed by pharmaceutical companies for use in the EU. It approves medicines for all EU countries and employs almost 900 people.

However, according to John McGrane, director general of the British Irish Chamber of Commerce, UK and Irish pharmaceutical stakeholders should now begin lobbying for the relocation of the EMA to Dublin in the wake of Brexit.

The British Irish Chamber of Commerce is a private sector trade organisation which represents businesses and employers with interests in both Britain and Ireland. Its aim is to highlight, protect and grow the trade between Ireland, Northern Ireland, England, Scotland and Wales, which is worth €1.2 billion a week.

"In the aftermath of the UK vote to Leave the EU, the EMA will be looking for a new home. Ireland should be that new home," Mr McGrane commented.

The chamber insisted that Ireland is ‘the natural home for the EMA', for a number of reasons:

-Nine of the top 10 world's pharmaceutical companies are established in Ireland
-Ireland was the 7th largest exporter of medicinal and pharmaceutical products in the world in 2014
-Over 75 pharmaceutical companies operate in Ireland
-33 FDA (US Food and Drug Administration) approved pharma and biopharma plants operate in Ireland.

The chamber has called for the convening of a forum made up of the leading stakeholders in this sector ‘to engage proactively on how to address this challenge'.

"Efforts will be needed to mitigate the potential loss of the EMA leaving Britain and Ireland completely, together with the 890 jobs," warned the chamber's director of policy, Deirdre Ardagh.