You’ve put in a lot of effort to get your company to where it is now. It might help to keep it successful if you have the correct insurance coverage. Protect your life sciences company with insurance designed specifically for the hazards that your industry confronts.
We understand the problems that will shape the industry’s future, and we can provide comprehensive insurance solutions for businesses of all sizes, backed by professional underwriting, risk engineering, and claims services.
Your Risks Are Real
When raw material or component suppliers experience disruptions, life sciences organizations might expect production delays and an inability to satisfy demand. The coronavirus epidemic attracted additional attention to weak supply chain links, as well as the associated risks and responsibilities. Businesses should completely evaluate a supplier’s raw materials, production procedures, business practices, financial strength, and continuity plans before doing business with them.
Diverse legal and regulatory regimes in each country where they do business present a challenge to global life sciences enterprises. They undertake clinical trials in various nations to develop new pharmaceuticals and technologies, each with its own insurance laws and regulations for clinical trials and insurance requirements, which typically involve the purchase of insurance from a licensed insurer in that country.
With so many health sciences organizations adopting new technologies like mobile applications and internet-connected sensors due to competitiveness, the requirement to transport sensitive data often will skyrocket.
As a result of the COVID-19 pandemic, many life sciences companies are accelerating clinical trials and pharmaceutical production, using new technologies, and shifting their supplier mix; new or enlarged liability concerns are anticipated to emerge.