The changing risks for Pharma
Over the past few months, we have all seen a brighter light shone on the life sciences professions and a focus on the need for ongoing developments of medical treatments, devices and technology.
Andrew Bailey of Bridge looks at this dynamic sector and advises on the complex needs for start-up and growth companies.
Being based in the northwest, Bridge Insurance Brokers Ltd is in close proximity to some of the largest pharmaceutical companies in the UK, which provides us with a clear insight of the challenges and opportunities of businesses within this sector.
It’s been interesting to watch these big players adapt their processes while witnessing many new operations join the market – and COVID has certainly exemplified the fantastic work these organisations do.
There is a huge need for people to work safely across all professions, no more than those working in the medical arena. Pharma businesses have needed to respond to COVID, identifying potential existing solutions or applying research platforms and expertise to identify new ones – with hundreds now in the clinical and preclinical phases. At the same time however, they have had to look at existing treatments and medical procedures and how they need to be adapted to cope with new social distancing in order to prevent infection.
These different developments are in life science and pharma organisations of all sizes: some new, some major more established, some growing through acquisition – and as they change and grow, it highlights the need for the right kind of insurance cover to be in place, which can quickly adapt to address the changing risk exposure that arise as the product development continues along the pathway to commercialisation.
The key for growing businesses, especially those in any kind of rapid and competitive product development, is to understand each phase of the process and the different risks these phases bring: early seed funding through to stakeholder engagements and acquisition of funding. Operational timeline management from trials, product development, testing to marketing. Business security from personnel to patents. Every stage of the product development will need peace of mind and there are several types of cover that will need to be included within your insurance programme; professional indemnity cover, intellectual property cover, clinical trials insurance and medical malpractice cover and key person insurance.
Looking to the future
There will be more changes ahead – the supply chains will be different, the workforce will be disrupted, new technologies will emerge and more pressure will be added as new companies join the market and other companies merge to maximise their strengths.
The whole life sciences sector will be expected to continue to develop and pharma companies need to minimise the risk and protect their intellectual properties.
We are able to advise on the right insurance programme to minimise all these increased risks, to provide support to this vital industry as the country looks to recover and rebuild.
For more information, please contact:
If your pharma operation is seeking more security as it responds to new pressures, please contact Andrew Bailey:
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