Over the last few years, the speed of change in the life sciences industry has increased significantly, creating new and complex risks.
With years of industry experience, our specialists have a deep understanding of the changes impacting the life science industry. They can partner with you to create solutions to mitigate risk and find opportunity in change.
A good example of the change facing the life science industry was the response to the COVID-19 pandemic. It led to a shift in how life sciences businesses operate and the adoption of new technologies and scientific processes. Today, businesses are prioritizing industry collaborations over other strategic priorities, creating opportunities to merge and the potential for legal disputes over partnerships and joint ventures.
Some of the changes you can control include:
- Adoption of new technologies
- Treatment personalization
- Results-based payments
- Strategic partnerships and joint ventures
Changes that are beyond your control include:
- Market pricing pressures
- Supply chain disruption
- Geopolitical uncertainty
In response to these changes, life science companies are growing increasingly sophisticated in how they manage risk, demanding more value from their brokers and insurer partners.
Managing a wide change of changing exposures requires a partner that understands the unique risks the life sciences industry faces and offers the breadth of services to address all your risk and people needs.
We are a leading risk, insurance and HR management firm, with more than 700 life sciences clients worldwide. With offices in 120 countries, we can help your life sciences company make smarter decisions about risk.
Deep life sciences insurance knowledge
The life science industry is highly regulated and globally dynamic. Whether you’re a pharmaceutical, biotech or medical device maker, we have the knowledge and dedicated resources to help your company navigate this complex risk landscape to make smarter decisions.
Our life sciences team features a cross section of professional backgrounds and credentials, including:
- Risk managers
- Risk engineers
- Claims specialists
Our global footprint and multinational knowledge enable us to anticipate trends and regulations around the world and afford easy access to relevant information about virtually any location in which you do business. Together, we can help you make better decisions about risk and human capital.
200 WTW Life Sciences practitioners
700+ clients ranging from large multinational companies to early-stage start-ups
1000+ clinical trials placed globally
Data as at 4 January 2024
Our life sciences insurance expertise
We specialize in services for:
- Pharmaceutical and biotech
- Therapeutic research and development
- Generic and specialty drug manufacturers
- Medical device and digital health companies
- Contract research organizations (CRO)
- Contract manufacturing organizations (CMO)
- Diagnostic laboratories
- Nutraceutical and over-the-counter (OTC) medicines
We have a globally integrated practice with industry specialists in:
- Property and casualty insurance
- Clinical trials
- Claims advocacy
- Management liability
- Risk and loss control
- Cyber risk
- Analytical tools
- Mergers and acquisitions (M&A)
- Intellectual property risk
- Reputational risk
- Product recall
- Compensation advisory
- Employee benefits
We have access to global regulatory and compliance information via our online database to ensure you are up-to-date on the latest developments impacting your life sciences business. This information is provided by country and includes:
- Non-admitted status
- In-country regulations
- Insurance limits
- Professional liability requirements
- Certiﬁcate protocols
- Speciﬁc information requirements for each country
How we serve our clients
- Before we place any insurance, we work with you to identify and quantify your unique risks to efficiently protect your balance sheet.
- We provide you with the confidence that your insurance programs are created to fit your specific needs. We challenge the status quo and create programs that will evolve with your business. Due to a fast-paced and constantly changing risk environment, we help you anticipate risks and plan mitigation strategies for the next development. We guard the present with an eye on the future, helping you make smarter decisions about risk.
- We offer you a single point of access, aligning specialist teams across every line of coverage. Using a proprietary client portal ensures real-time access to risk information, facilitating efficient, smarter and proactive decision making.
What makes us different
- Most of our life sciences clients do not have a risk manager. This reality has prompted us to build a service model for every client designed to optimize resources while improving outcomes.
- We will provide you with regular in-depth trends and insights on emerging risks impacting the life sciences industry and insurance marketplace to help you implement the right solutions for your organization.
- Our advanced loss modeling capabilities, Connected Risk Intelligence, is an innovative development in risk consulting. It visualizes risk in a single language and framework to empower you to make better risk finance decisions.
- We spend the time evaluating and analyzing your risk exposures to help minimize the total cost of risk so your life sciences organization can make smarter decisions.
- We provide direction and consultation on risk mitigation strategies and improvement opportunities to help enhance your life science business’ performance. We offer a range of solutions to address your risk and people issues.
- Our service team offers access to specialists who are life science experts in different lines of business including: directors’ and officers’ liability, cyber insurance, product liability, supply chain, cargo, assets and risk engineering.
Together, we can help you make smarter decisions about your risk and human capital.
For specialist help discovering smarter ways to manage risk in the life sciences sector, please get in touch with the experts listed at the top of this page.