Our pharmaceutical specialists navigate industry intricacies, mitigating risk
The worldwide pharmaceutical market annual revenue reached $1,057.2 billion in 2015 according to statista.com. Thomson Reuters forecasts continued growth in the pharmaceutical sector, predicting sales to reach $1.3 trillion by 2018.
The nature of pharmaceutical and medical products companies is that they are continually transforming in an attempt to stay ahead, forcing business leaders to respond quickly. Keeping pace with risk management is an ever-growing challenge, and Crawford Global Technical Services® (GTS™) specialty Pharmaceutical group can help.
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 all contribute to the escalation of insurance as mission-critical to the strategic success of major pharmaceutical companies.
The heavily regulated pharmaceutical industry thrives on research and development, and the continuing risks are factored into any future investments and developments. 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 surpasses many other industries, and assessing claims and damages in any given area are correspondingly more complex. Our Pharmaceutical team understands 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. This 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 experienced team covers cases including:
- Factory incidents
- Product tampering
- Patent infringement
- Regulatory issues
Crawford GTS Key Service Features Include:
- Worldwide service—a global network of experts, including surveyors, environmental scientists, engineers, consultants, and specialist case handlers
- Compliance—strict adherence to relevant governing legislation (ELD, CERCLA/Superfund, etc.)
- Cost-effectiveness—reduced indemnity spend, financial assurance for insurers
- Confidence—transparent claims procedures and reporting standards
- Reliability—experienced, qualified professionals, infrastructure and leadership to strategically project manage losses anywhere on the globe