Globally the number of clinical trials has been on the increase, indicative of both the growing innovation in the Pharmaceutical and healthcare industries and an equally increasing burden of diseases needing new medical cures and treatment.
Clinical trials are crucial to determine the safety and efficacy of Pharmaceutical and biological products as well as medical devices before they can be prescribed or sold.
Although years of research goes into reducing the risk that such trials represent to their human subjects before tests are conducted, there is an inherent risk in every clinical trial that demands bespoke clinical trial insurance to protect the trial owner and participants in their pursuit of life-changing cures and technologies well-known trial failures around the world in the last decade have led to significant and permanent injuries to trial participants and in some cases death.
These were often followed by hefty liability claims pay-out by insurance companies not just to participants but reputational damage claims to trial owners.
Clinical trial Insurance over the years provides a vital safety net to protect the best interest of the trial participants and the inherent financial risks that come with an uncertain outcome.