 Contact: Dirk Van Elst
Telephone: (03) 9603 2799
Though the industry is one of the world's most profitable, it is not immune to the array of risks that can threaten its ability to compete.
These risks include:
- product counterfeiting
- the threat of bio terrorism
- rising levels of class action litigation in key markets
Marsh's Life Sciences Practice provides risk avoidance and containment solutions for organisations in the biotechnology, genomics, medical device, pharmaceutical, and contract research fields. Our dedicated Life Sciences team works with clients to develop and implement risk management plans tailored to an organisation's needs. Our services include accessing insurance coverage for:
- traditional risk-transfer programs
- directors’ and officers’ liability
- product liability
- clinical trials liability
In addition, Marsh offers a consultative approach to risk management to help life sciences organisations better manage their risk exposures. Through our business risk assessment process, we analyse an organisation's full spectrum of operational, strategic, and financial risks, then develop solutions to avoid, mitigate or transfer those risks.
Marsh can provide services such as:
- supply chain risk analysis
- business continuity planning
- crisis management, including product recall
- intellectual asset management, including risk analysis
- risk profiling
- process risk analysis utilising techniques which have been refined from high hazard industries, such as:
- fault-tree analysis
- HACCP (Hazard Analysis and Critical Control Point)
- FMEA (Fault Mode and Effect Analysis)
- HAZOP (Hazard and Operability Studies)
- assistance in complying with FDA (Food and Drug Administration) risk management guidelines
- employee benefits consulting and insurance
Marsh works with many organisations across the life sciences sector to arrange their insurance placements and assist with their risk management programs.
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