The 20th century marked a period of astonishing breakthroughs in life sciences, including medical and scientific advances that benefit all of humanity. The 21st century may prove to be just as extraordinary, with new innovations and discoveries emerging from labs and research centers every day.
Though the industry is one of the world's most profitable, it is not immune to the array of risks that can threaten its ability to compete. Patent expirations, product counterfeiting, industry consolidation, pricing pressure from managed care providers and governments, and consumer flight to Canada or the Internet for drug purchases are exposures that can have a crippling impact on an organization
Marsh's Life Sciences Practice provides risk avoidance and containment solutions for organizations in the biotechnology, medical device, pharmaceutical, and contract research fields. Our dedicated life sciences team works with clients to develop and implement risk management plans tailored to an organization's goals through services that include:
- Traditional risk-transfer programs;
- Directors and officers liability;
- Product Liability;
- Intellectual property; and
- Clinical trials liability
In addition, Marsh offers a consultative approach to risk management to help life sciences organizations better manage their risk exposures. Through our Business Risk Assessment process, we analyze an organization's full spectrum of hazard, operational, strategic, and financial risks, then develop solutions to avoid, mitigate, or transfer those risks.
Marsh's consultative services also include:
- Supply chain risk analysis;
- Business continuity management;
- Crisis management, including product recall;
- Merger and acquisition risk management due diligence;
- Intellectual asset management, including risk analysis;
- Mass tort consulting; and
- Brand protection.
The Life Sciences Practice of Marsh is made up of the leading minds in the business-dedicated professionals with the experience to understand both the world of insurance, and the complex world of life sciences.