Pharmaceutical and medical products companies are in an era of continuous transformation, forcing business leaders to respond more quickly. Keeping pace with risk management is an ever-growing challenge. Issues such as product liability, pervasive threat of litigation, regulatory complexity, cross-border regulatory regimes, licensing, medical trials, changing risk models, class action lawsuits, shipping, storage, transportation, and consumer exposure are all contributing to the escalation of insurance as mission-critical to the strategic success of major pharmaceutical companies.
The pharmaceutical industry thrives on R&D, and the continuing risks are factored into any future investments and developments. It is also a heavily regulated industry. Drugs are evaluated for safety, efficacy, and manufacturing quality as a condition of market access, and promotional messages must adhere to approved product characteristics. Drug prices also are regulated in most countries with national health insurance systems. Global or multi-national entities are faced with the multiplicity of regulation and legal exposure.
The typical level of complexity in pharmaceutical claims is greater than in many other industries, and assessing claims and damages in any given area are correspondingly more complex. Crawford Global Technical Services (GTS) has teams focused on this critical industry that understand how to manage the conflicting and confusing streams of information. The typical large pharmaceutical claim involves experts from industries as diverse as medical to manufacturing, the management of the loss adjusting process is critical. Our Pharmaceutical group has the experience and ability to marshal the myriad players involved in a big loss, other adjusters, brokers, forensics, insurers and re-insurers, medical and legal authorities, among others.
The ability to keep this process tracking productively is a hallmark of our senior staff. The depth of their experience helps them contain losses and ensure that the overall business is maintained as well as possible.
Our experience has covered cases including:
The Benefits of Crawford GTS
The multinational and global risk and insurance community needs a team of experts with the experience and industry focus to evaluate and assess damages under extreme conditions. Crawford GTS has the commitment, skills, resources, technology and the experience required to meet the specific needs of each client.
Crawford GTS Key Service Features:
For more information about GTS expertise in the pharmaceutical industry, please contact one of our specialist adjusters in your region.