From pharma and biotech companies to nutraceuticals, Contract Manufacturing Organisations (CMOs), Contract Research Organisations (CROs), our specialist life science insurance team can build resilience against the challenges and risks facing your business We can tailor each solution individually according to your needs and your sphere of work. And, with international capability, we’re the insurance partner to support your growth from seedling to multinational success story.
With the ever-increasing growth of cyber-attacks, protecting the vital data you hold is crucial. Cyber insurance can be difficult to obtain at the right level for life science and pharmaceutical industries. Cyber risk management is key.
In 2021, over 3 million medicines & medical devices valued at more than £9million were seized by UK officers from the Medicines and Healthcare products Regulatory Authority (MHRA). Risk management is key – insurance cover can vary widely and claims considered on a case by case basis. Seeking advice from insurance specialists is key to help identify and control your exposures to such risk.
Attracting & retaining a qualified team
In today’s challenging climate, attracting and retaining talent is proving harder than ever – particularly in specialist and niche sectors such as pharma and biotech industries. Creating an environment that optimises the wellbeing and engagement of your team can help maximise performance and protect your greatest asset – your people.
Why do you need specialist pharmaceuticals insurance?
The pharmaceuticals industry is highly dynamic and continually evolving, as are its risks and insurance needs.
Business models have transitioned towards leaner, more focused enterprises, with operations becoming more localised as firms respond to growth in developing markets. Meanwhile, the industry is subject to rigorous regulatory oversight.
To succeed, you need to understand the challenges you face at every stage of the development of your product. Having a robust insurance and risk management programme, designed by specialists that understand your world and speak your language is key. We’re here to help you build resilience and bring peace of mind.
Usual types of cover
CROs provide services to the life science sector – particularly pharmaceuticals and biotechnology companies. As such, CROs are exposed to a wide range of liabilities including clinical trials and medical malpractice risks.
including complex lab and production facilities, R&D property and stock in controlled environments
including utility failures, the cost of repeating critical R&D, protection for milestone revenues, and complex supply chain disruptions
including incident response, cyber extortion and hardware replacement.
critical defence against liability in relation to products
cover for trials conducted worldwide
protecting the fruits of your innovation
must-have protection for business leaders and managers