Pharmaceutical Industry
ICA has been serving Clients in the pharmaceutical industry, some with worldwide operations, that include manufacturers of multi-vitamins for the biological synthetic absorption of key nutrients, dietary supplements, medicinal product manufacturers and oncological and clinical trial organizations to pharmaceutical technology companies and distributor chains and others. ICA provides ENTERPRISE RISK MANAGEMENT SERVICES to Clients in this industry.
Pharmaceutical companies face a litany of pressures that might affect their ability to pay claims or recover from third-party losses. Those pressures and risks include federal regulations that allow generic versions of patented drugs to be sold to consumers at cheaper prices, technology risks that allow certain pharmaceutical manufacturers to use 3D printing for certain medications, substitutions of ingredients by less costly raw material suppliers that can affect production capabilities as well as expiring patents that would allow replica products into the marketplace thereby competing with existing pharmaceuticals. Any of the aforementioned could escalate into reputational risk that could harm a pharmaceutical company, not to mention medical-malpractice-related claims. These medical-malpractice-related claims heighten the awareness of the pharmaceutical industry leaders who 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 companies research, develop, clinically test and prepare for the commercialization of new drugs for advancing their product deliverables, especially when there is pressure to do so from the government and the public or as a result of the urgency to get to market because of a pandemic, pressure from the aforementioned may create new liabilities to these companies. It is most important that these companies resist the urgency of cutting corners by rushing products to market, without sufficient clinical trials because of internal and external pressures. It is likely that any losses as a result of product liability would affect multiple claimants and not be limited to one individual. This scenario involving multiple claimants would then turn the company’s attention to managing a potential public relations nightmare and could cause the pharmaceutical company to disintegrate based on the nature and severity of the claims, or at the least be severely impacted financially. ICA, acting as a secondary set of eyes, through the service deliverables of RISK MANAGEMENT INSURANCE COVERAGE ANALYSIS, is dedicated to focusing on the areas of risk that are unidentified by the Client, so that risk is transferred to their insurance carrier(s) or other appropriate parties. Furthermore, ICA also provides its Clients with risk transfer methodologies that include a specialty service, which is considered best-in-class, entitled RISK MANAGEMENT FOR DIRECTORS & OFFICERS to assist in the protection of the company’s management.
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.” – Bio-Pharmaceutical & Cancer Research Client
Contact ICA for a comprehensive list of client references.