Life Sciences and Chemicals

This afternoon I presented, via audio conference, to a large group of life science companies and CROs on Understanding, Managing and Avoiding Common Problems and Pitfalls. The session itself actually touched on a number of other issues such as some basic risk management and mitigation and how the future might look. I also explored some of the basic parts of an insurance contract that need some focus when examining terms and conditions.

Watch the presentation with audio here

The session covered not just how approaches to clinical trial insurance differs between territories and how ethics committees within the same country can have different approaches but how to manage some of these issues and construct an efficient buying platform and programme. We explored admitted versus non-admitted clinical trial insurance and I had some specific questions relating to this and a few specific territories.

One of the questions asked by a participant was where she could go to get information on the requirements by each territory. This was an excellent question and only goes to show the lack of knowledge centres out there. This is a common complaint of a lot of companies I have talked to in the past. As a broker heavily involved in this arena we keep a constantly updated master sheet of legal, practical and informational requirements by territory alongside knowledge of the typical lead-in times to obtain insurance in these territories.

I also endorsed the virtues of speaking to peers to share experiences and aid the learning process. For example I participate in a working group with risk managers of leading global pharmaceutical and CRO companies where we explore industry issues relevant to clinical trial insurance and also explore the nuances and approaches to issues within specific territories. Where one party has had success in dealing with a specific problem it gets shared and becomes a form of best practice for all of us. This really provides added value!

The audio presentation can be found by clicking the link at the top of this blog post, please contact me (james_bird@jltgroup.com) and I'll be glad to discuss further.