Chubb recently issued an advisory that encouraged life sciences companies to “understand the potential vulnerabilities they face when entering international markets, as well as the risk transfer strategies available to help mitigate those risks.”
The advisory, entitled “Innovation and Global Competition Add Risk to Life Sciences Industry,” was co-authored by executive vice-president and life sciences industry practice leader lee farrow and life sciences industry practice senior vice-president Frank Goudsmit.
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Both Farrow and Goudsmit highlighted the threat of risks such as cyber breaches, supply chain interruptions, merger and acquisition liabilities, and regulatory hurdles, and how these are considered the most critical risks and exposures facing life sciences companies hoping to compete on the global market.
“These exposures are amplified by the increasingly global nature of the life sciences industry,” said Farrow. “Life sciences companies are continually innovating products and technologies to help treat diseases worldwide. However, with these rapid advancements come complex exposures that can have serious financial and reputational impacts if not appropriately addressed.”
“As life science companies continue to grow, they are likely to find themselves in the international arena,” commented Goudsmit. “The same global viewpoint that embraces development, suppliers, products and sales should extend to insurance as well. One size does not fit all, so it is important companies work with a knowledgeable partner to understand the associated exposures and the right coverages to supplement existing risk mitigation strategies.”
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