The key factors to consider while purchasing clinical trials insurance

24 Nov 2020

The pharmaceutical companies around the globe are in race against time to find a vaccine for COVID-19 and restore the world to back to its normal. Perhaps, there has never been such an anticipation for the formulation of a vaccine. Just like every task, with great hope comes great responsibility and risks. And vaccine trials insurance is the safety net for pharma companies in the pursuit of developing a vaccine.

Vaccine insurance or clinical trials insurance is as important as the research that you have undertaken. The clinical trials insurance provides protection for your clinical trials for drug and medical device testing, and provides compensation in the event of an injury to a trial participant. However, careful consideration must be made while purchasing a clinical trials insurance policy. Here are the key issues to think about when purchasingclinical trials insurance.

Awareness

You must make sure that you are aware of local country requirements prior to conducting the trial, as the obligations of the sponsor vary with regions.

Timeliness

Policies and certificates must be provided in time to meet the submission timelines in order to obtain ethics committee approval well in advance of a trial's intended inception date.

Accuracy

Cover must be compliant with local legislation and/or regulation to ensure compensation is granted in accordance with jurisdiction requirements. This is particularly important when multi-country trials are contemplated.

Capability

Your insurer must have sufficient claims expertise and local capability to ensure claims notifications are dealt with in a quick and expedient manner.

Experience

Your broker should be well versed and experienced in clinical trials insurance requirements across the globe to give you professional advice and support, particularly when you expand trials internationally.

At Unison, our expert team works closely with you to tailor clinical trials insurance solutions which best suits the type of trial programme and your needs, in a timely and compliant manner, ranging from single clinical trials to the large multinational clinical trial programmes.