Pharmaceutical industry: insuring innovation
The pharmaceutical industry combines great potential and great challenges: demographic changes and the increasing need for pharmaceuticals result in strong growth rates and a high degree of innovation. At the same time, research institutions, pharmaceutical manufacturers and pharmaceutical distributors are faced with strict requirements and complex, constantly changing legislation.
Additional risk factors for the increasingly global pharmaceutical industry are fierce competition and extensive supply chains. From the perspective of consumers, taking pharmaceuticals involves a high degree of trust in a product. Even with product safety being the top priority in the pharmaceutical industry, companies operating in Germany must have pharmaceutical liability and clinical trials insurance. Damage to the image can have devastating effects for developers and manufacturers. Funk is your partner in all questions concerning insurance and risk management.
Specific insurance strategies for pharmaceutical production
- Property damage insurance against fire/explosion and machinery breakdown (technical and organisational fire protection)
- Business interruption insurance due to property damage and machinery breakdown
- Liability insurance for third party claims resulting from the operation or the products themselves
- Public liability and environmental liability insurance
- Professional liability insurance
- Pharmaceutical liability insurance
- Clinical trial insurance
- Laboratory insurance
- Product recall insurance
- Marine cargo insurance
- Credit insurance
- D&O insurance
- Legal protection and criminal defence insurance
- Vehicle insurance
- Employee health and benefits concepts
Risk analysis and proactive claims management for pharmaceutical companies
Funk offers pharmaceutical companies comprehensive risk management, specially tailored cover concepts and a proactive claims management in order to meet all challenges of this booming industry – including risks arising from clinical trials and product sales abroad.
Amongst other things, the manufacture of pharmaceutical products involves a number of different types of packaging. For production and packaging, different highly complex technical systems, IT programs, as well as sterile room conditions are needed. From insurance cover for industrial plants and natural hazard insurance to business interruption insurance: our experts support you with individual solutions for your pharmaceutical production.
Risks
Liability risks
The potential liability of companies varies depending on the industry or clientele. Nevertheless, all companies have one thing in common: even small mistakes can lead to severe losses.
Property damage and BI risks
While property insurance is a basic protection every company should have, the risk of business interruption is increasing steadily as well – especially for globally connected players.
Risks in M&A processes
The M&A market is booming: in a constantly changing market environment, transactions are the key to the success and future viability of companies. But their risks should not be underestimated.
Services
Funk China
Investing and operating outside of China becomes more and more essential for Chinese companies. The Funk China Division supports its Chinese clients in managing the risks, challenges and chances of worldwide outbound investments.
Insurance + risk management
Funk devises and implements holistic risk and insurance solutions for companies across all industries, sectors and countries. In doing so, our experts do not only secure your individual assets but also create genuine added value for your company.
Employee health + benefits
Employee benefits concepts are a sustainable component of a good corporate policy. Funk provides comprehensive, transparent advice with a view towards the long-term advantages for your company and your employees.
