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Life Sciences

Life sciences companies have the opportunity to truly change the world, but success depends on how well certain emerging and traditional risks are managed. Marsh’s specialists can support your business objectives with risk strategies that promote resilience and competitiveness.

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Life sciences companies face specific challenges throughout the discovery, development, and commercialisation processes, including exposure to a high degree of risk. Increasingly stringent global regulations mean compliance must remain at the forefront of daily activities, and the penalty for violations goes beyond finances. Because life sciences companies' work largely involves human beings, trust and reputation management are critical aspects of their risk management plan.

Risk for life sciences companies comes from a number of angles. Whether it’s litigation regarding regulatory actions or intellectual property disputes, product liability claims, cyber theft, or supply chain disruptions, life sciences companies require a strong strategy for minimising risk as well as a solid plan for addressing situations that might arise.

Marsh’s experienced life sciences risk management team can help develop solutions relevant to your business and to your risks, whether you are in the pharmaceutical, biotechnology, medical device and supply, or contract research sector.

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FAQs

Life sciences firms face a great deal of risk exposure. Any time an entity is involved in researching or treating human or animal subjects, especially at critical moments as experienced with COVID-19, its general risk profile increases. In an industry guided by strict regulation, the risk of violations is most certainly at the forefront of company leaders’ minds.

Competition and intellectual property risks are also relevant to the life sciences industry. It's very expensive to research and develop pharmaceuticals and other products, and a leak of critical research or claims of fraud can be devastating to a company. Although intellectual property regulations are currently in place to protect companies, the laws are constantly evolving and you need to be aware of how this can affect your bottom line.

Risk management advisors have the opportunity to offer life sciences businesses valuable support when it comes to assessing, quantifying, and mitigating risk exposure. Particularly valuable solutions and services include strategic risk consulting, supply chain management, clinical trials risk management, and business continuity or crisis management plans. Because the work of different life sciences companies tends to be diverse and highly nuanced, it can help to have the insight of not only internal and external stakeholders, but also advisors, such as Marsh, who can add perspective from an industry-wide stance. Taking a comprehensive approach to developing tailored solutions, from insurance brokerage to advisory and risk management services, can position your company for stability and success and allow you to focus on safety and profitability.

“Marsh Pty Ltd (ABN 86 004 651 512, AFSL 238983) (“Marsh”) arrange this insurance and is not the insurer. The Discretionary Trust Arrangement is issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417964) (“JGS”). JGS is part of the Marsh group of companies. Any advice in relation to the Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226827) which is a related entity of Marsh. The cover provided by the Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions. This website contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances. For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire a product, refer to the specific policy wordings and/or Product Disclosure Statements available from JLT Risk Solutions on request. Full information can be found in the JLT Risk Solutions Financial Services Guide.”