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Beazley, an insurer specialist, launched a suite of covers to protect the life science sector that is emerging rapidly in the organizations of the APAC regions.
FREMONT, CA: Organizations in the APAC region that are rapidly expanding the life sciences sector are offered protection by a suite of covers that have been launched by specialist insurer Beazley. Beazley's offering is customized to offer firms holistic coverage that prevents unwanted gaps in their insurance coverage. Further, even mismanagement of clinical trials and drug discovery results in releasing unsafe medical devices and medicines to negligence in human testing, which causes complex and varied risk exposure.
Medical device manufacturers, biotechnology & biologics, pharmaceuticals, contract research organizations, nutraceuticals (including cosmetics and skincare), prescription & over-the-counter injectables/ topicals and oral drugs, and pharmaceutical support services, clinical trials, vaccines, and testing laboratories are the organizations that can benefit from Beazley’s specialist life sciences coverage.
Across Asia, the life sciences sector has been growing significantly, and it has overtaken the EU in terms of size. Currently, in terms of size, after the U.S., the second-largest market is in the Asia Pacific.
Further, the need for self-reliance amongst various countries in the region was exposed to COVID'19. They saw borders closing, restrictions on the movement of pharmaceutical ingredients, and the global vaccine scramble. This response to COVID'19 has driven a race to create tests, vaccines, and treatments. As the life sciences industry is driven by inelastic demand for patient needs and intrinsic innovation, it is anticipated to see significant growth in the future. Beazley’s coverage policies offer a clear, broad, and flexible cover for various risks to aid this vast sector to handle its risk exposure and continue to expand and thrive.