Pharmaceutical and medical products companies are in an era of continuous transformation, forcing business leaders to respond more quickly. Keeping pace with risk management is an ever-growing challenge. Issues such as product liability, pervasive threat of litigation, regulatory complexity, cross-border regulatory regimes, licensing, medical trials, changing risk models, class action lawsuits, shipping, storage, transportation, and consumer exposure are all contributing to the escalation of insurance as mission-critical to the strategic success of pharmaceutical companies.
The pharmaceutical industry thrives on research & development (R&D), and the continuing risks are factored into any future investments and developments. It is also a heavily regulated industry. Drugs are evaluated for safety, efficacy, and manufacturing quality as a condition of market access, and promotional messages must adhere to approved product characteristics. Drug prices also are regulated in most countries with national health insurance systems. Global or multi-national entities are faced with the multiplicity of regulation and legal exposure.
The typical level of complexity in pharmaceutical claims is greater than in many other industries, and assessing claims and damages in any given area are correspondingly more complex. Crawford has teams focused on this critical industry that understand how to manage the conflicting and confusing streams of information. The typical pharmaceutical claim involves experts from industries as diverse as medical to manufacturing, and the management of the loss adjusting process is critical. Our Pharmaceutical group has the experience and ability to marshal the myriad players involved in a loss, other adjusters, brokers, forensics, insurers and re-insurers, medical and legal authorities, among others.
The ability to keep this process tracking productively is a hallmark of our staff and the depth of their experience helps them contain losses and ensure that the overall business is maintained as well as possible.
Our experience includes but is not limited to:
- Factory incidents
- Product tampering
- Patent infringement
- Regulatory issues
Crawford provides a variety of services with experts in the Pharmaceutical industry. For more information, contact a Crawford GTS representative below. Or contact a GTS adjuster directly, by visiting www.crawfordgts.com and selecting CV Search.
Geoff B Piggot
Chief Executive Officer
Global Technical Services
T: +44 207 265 4096
M: +44 7387 109924