ICA has been serving clients in the pharmaceutical industry for decades, ranging from manufacturers of multi-vitamins for the biological synthetic absorption of key nutrients, medicinal product manufacturers, oncological and clinical trial organizations, pharmaceutical technology companies, distributor chains, and others.
Pharmaceutical companies face a litany of pressures that might affect their ability to pay claims or recover from a first party loss. Those pressures are not limited to federal regulation that allows generic versions of patented drugs to be sold to consumers at cheaper prices, technology that allows certain pharmaceutical manufacturers to use 3D printing for certain medications, substitutions of ingredients by less costly raw material suppliers that can affect production capabilities by existing manufacturers, existing patents expiring that would allow replica products into the marketplace to compete with existing pharmaceuticals, and reputational risks that could harm a pharmaceutical company due to medical malpractice related claims. In addition, pharmaceutical industry leaders must be wary of growing litigation stemming from product and legal liability exposures due to the overuse of medication by patients and/or consumers in what today’s consumer culture labels “an opioid crisis.”
As new pharmaceuticals are developed for advancing their product deliverables, new exposures tied to these organizations’ operations and liabilities also develop, interacting like a double-helix. However, these businesses should be more wary of cutting costs to their risk management budget due to external pressures, because it would only take one uncovered loss to disintegrate a pharmaceutical company based on the nature and severity of claims it might face, including the risk of being liable to multiple claimants. ICA is recognized by its pharmaceutical clients for being able to best provide them risk transfer methodologies, providing best in class Directors and Officers Liability specialty service, and for acting as a secondary set of eyes dedicated to focusing on the areas of risk that are unidentified by the client, so the client can determine how to best manage those risks. The following excerpt exemplifies ICA’s service to Pharmaceutical businesses:
“In the 5 years I’ve worked with ICA, I have not made a single insurance decision without first consulting with ICA, and I have never been disappointed in the value, expertise, relevance, depth, or timeliness of their counsel.” – Client
Contact ICA for a comprehensive list of client references.