US Life Sciences Practice Leader
Life sciences companies face specific challenges throughout the discovery, development, and commercialization 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 minimizing 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.
Life sciences companies in the US continue to respond to an evolving healthcare and treatment landscape, providing innovative solutions to address today's challenges. With this progress comes new financial and operational risks that must be managed to prevent business interruptions and sustain growth.
As your trusted advisor, Marsh can help your company reduce its risk exposures through tailored solutions that include insurance brokerage, advisory services, and risk management strategies. Our goals are the same as yours: protecting your assets and reputation, while maintaining profitability and business continuity.
Marsh’s dedicated specialists draw upon local, national, and global insights to provide specific advice and guidance for our more than 350 life sciences clients in the US. We also have a Clinical Trials Center of Excellence that can support your operations, providing timely access to insurance coverage options and addressing evolving risk management concerns.
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.
US Life Sciences Practice Leader