Industry Spotlight: Life Sciences Industry Trends and Growth Perspectives

New Technologies are Adding Risk Complexity

As innovative treatments are developed and brought to the market, the development of drugs and medical devices requires clinical trials and protection of intellectual property while commercializing life science products is generally associated with a Product Liability risk exposure. There is an added complexity from a Product Liability risk and Marine insurance perspective as new technologies such as personalized gene therapies are brought to the market.

Delivering Quality to Patients is Critical

While delivering quality to patients is core for life sciences organizations, being a reliable and trusted brand for patients is equally crucial. Any business interruptions and supply chain issues or other impacts on the brand need to be mitigated to maintain the revenue and value of the organization.

Digitalization is Accelerating and Changing the Industry Landscape

Digitalization is accelerating in the life sciences industry which is expected to improve drug research and interactions with healthcare providers, as well as to enable more patient-centric commercial models by supporting patient education and improving diagnosis. In addition, there are more digitally enabled solutions like smart medical devices and health apps. As a result of the digital acceleration, the workplace of life sciences organizations has changed and the cyber risk has escalated.

Developing Effective Talent Management Strategies is Critical

Attracting talent in a competitive landscape remains key in a dynamic industry that is geographically concentrated in a few hubs and characterized by a division of labor. This leads to active management of talent and sophisticated retention strategies, including comprehensive benefits packages, as well as joint ventures and mergers & acquisitions to access talent. There is greater reliance on third party providers for production (contract development and manufacturing organizations) and clinical trials (clinical research organizations).

Life Sciences Global Market and Claims Overview

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