Life Sciences

Global Clinical Trial Insurance

Designing an insurance program for a global clinical trial is an exceptionally complex task. Exposure to experimental products presents a multitude of risks for all stakeholders, be they institutions, investigators, contract research organisations (CROs), sponsors, ethics committees (ECs) / institutional review boards and/or trial participants themselves.

Unfortunately, risks are unavoidable in any clinical trial. Even with comprehensive preclinical research and high-quality study design, conduct and monitoring, risks such as bodily injury to participants and/or financial and reputation risk to trial stakeholders (through legal proceedings and judgments) are a possibility. However, these risks can be mitigated or transferred through a well-designed insurance program.

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Biotech Insurance: Property

Biotechnology companies and organisations display distinctive features and, from an insurance perspective, uncommon risks. Quite apart from liability risks associated with the testing of investigational drugs, biotech companies are faced with some unique exposures that could delay development, and possibly, the achievement of milestones. Such delays could hamper the ability of the company to raise additional funds and therefore its ability to continue as a going concern.

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