It is possible that a basic deal might be established between the United Kingdom and therefore the EU by the end of the year. However, such a deal would probably cover little quite tariffs and quotas, a dispute mechanism, and standard FTA chapters confirming adherence to WTO principles. There may additionally be some limited provisions on services. Effectively this may be like a light-weight Canada style FTA without the Brexit Extension.
Canada Option - A Comprehensive Economic and Trade agreement: The EU trade agreements with Canada allows tariff-free trade with the single market for industrial goods and a few agricultural produces but very limited access for services. Canada doesn't need to suit the EU’s regulations, but there's mutual recognition where all sides accepts the opposite country’s regulations for market access to some services. It can lead its own national trading policy but meaning customs controls and compliance with the “rules of origin” checks.
In such a scenario, major impact areas would be, Artwork/Labelling & Packaging, QPPV, MAH for UK, Non-Tariff Barriers, the need of a representative entity in the UK for registration and lifecycle management access to clinical databases and clinical trial laws.
To read more about each area affected, what you need to do is to stay ahead of the curve. How Freyr can help ease your transition into these new guidelines?