The biotechnology and pharmaceutical sectors operate at a rapid pace, constantly pushing boundaries with innovative approaches. Within the biotech sphere, emphasis is placed on research, accompanied by a host of intricate challenges. These challenges demand advanced equipment and often entail rigorous clinical trials, posing significant risks such as equipment malfunctions, contamination issues, occupational hazards, and the potential for product recalls.
Types of BioTech companies we can insure:
- Industrial Biotechnology
- Therapeutics and Diagnostics
- Biopharma
- R&D Services
- Medical Technology
Risks the pharmaceutical and biotechnology industries face:
- Cyber security and information gathered from trials- Cyber insurance would protect against litigation should a claim arise from data being lost or stolen; this is particularly prominent for the biotechnology industry where data on individual patients is likely to be kept.
- Intellectual property theft of a certain product or process- Intellectual property insurance will cover the cost of litigation should you infringe on intellectual property, or somebody infringes on yours.
- When testing a new product- Clinical trials insurance, would be necessary to compensate an individual testing the product should a claim arise as a result of injury. This is only relevant to human trials.
Simon Wyndow heads up our Life Sciences team. In 2009 Simon began his insurance career in general commercial insurance advising and broking. Over the years of general practice, Simon took a professional and personal interest in medicine and biochemistry. Building upon this interest, he has developed experience and understanding of varying life science businesses and their complex risk management requirements.
All Med Pro works in partnership with specialist UK and Global insurers.
