Pharmaceutical Industry Risk Management
Supply Chain, Clinical Trial and Other Risk Exposures
With strict regulation and, sometimes fragile, supply chains pharmaceutical companies face extreme scrutiny and high risks as they develop medical technologies and solutions.
Consider the following situations:
- Supply Chain Interruption: Your sole mass-producer of vials in Japan suffers a devastating fire, halting all production at your plant.
- Clinical Trials: The FDA puts a hold on your trial as several patients have experiences serious adverse effects.
- Bodily Injury: A lawsuit is filed against you for bodily injury resulting from exposure to a drug sold by a company two years before you acquired them.
- Product Loss: Perishable cell cultures are left unrefrigerated after a power outage, resulting in a loss of three years of critical R&D
Britton Gallagher understands the many liability and loss risks inherent to pharmaceutical companies in all stages of product development, from start-up firms with one promising product to companies with multiple drugs in global clinical trials. From securing initial investors to the commercialization of a technology, we can provide guidance to ensure your company is protected.
Some of the coverages we are able to provide include:
- Customized property insurance
- General liability insurance
- Highly protected risk (HPR) arrangements
- Worldwide coverage territory
- "Damage to your products" insurance
- Crime insurance
- Loss control and claim expertise
- Boiler & machinery protection
- Automobile insurance
- Workers compensation
- Excess and umbrella liability insurance
- Disaster recovery and business continuation planning and advise
Professional coverages specific to the pharmaceuticals industry include:
- Clinical Trials and Product Liability: Coverage for commercialized products along with those in all stages of human clinical trials.
- Errors and Omissions Liability Insurance: Coverage for financial loss to third parties arising out of negligence.
- Professional Liability: Covering companies conducting contract research
At Britton Gallagher, we understand innovation and risk-taking are attributes critical in establishing your business as a success in the life science sector. Protecting your company, its research, its valuable resources and your reputation are also necessary to ensure you have the longevity to reap the benefits of your investment. We have the expertise and are backed by the best life science carriers to identify risks and provide specialized solutions to keep you viable.