Service Providers

Life sciences service providers are confronting numerous risks, including cyber threats and supply chain disruptions. Marsh can help you minimize the volatility and severity of your risks, protect your assets, and maintain your profitability.

Wholesale distributors, research institutes, contract manufacturers (CMOs), and contract developers (CDMOs) play a pivotal role in supporting pharmaceutical, biotechnology, and medical technologies firms. Leading life sciences organizations are increasingly relying on these specialty service providers to help balance the complexities of their business.

But life sciences service providers face a variety of risks, ranging from complex regulatory environments to cybersecurity threats. As they adapt to advancements in technology, they also need to keep in mind patient safety considerations and continue protecting vital supply chains.

Assessing both traditional and emerging challenges and implementing the right risk management policies and procedures can be crucial for you to successfully manage uncertainty in this challenging environment.

Our team of life sciences advisors have extensive experience with companies like yours. Utilizing our advanced analytics and industry-leading benchmarking, we can help you prepare for and mitigate the business, financial, and operational risks specific to your organization.

Cyber Risk

07/30/2021

Given the complexities and pervasiveness of cyber risk, organizations can benefit from experienced risk advice when managing their exposures. We can help you assess and quantify your cyber risk, prepare for and respond to cyberattacks, transfer your risk, and build lasting risk management and resilience.

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Life Sciences Industry Marine Cargo Insurance

08/24/2021

Providing valuable expertise and innovative solutions to organizations in the marine cargo, biotechnology, pharmaceutical, and medical devices industries.

Business Interruption & Supply Chain

07/30/2021

Business interruption resulting from natural disasters, fires, supply chain failures, and even cyberattacks can pose significant financial losses for companies operating in the global business environment. Our innovative insurance and risk management strategies can help you understand your exposures and build greater resilience.

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FAQ

Partners to the life sciences industry should anticipate and manage several risks, including:

Liability risk: Service providers face multiple liability risks, including contract risk, and, in consultation with their legal counsel, might seek to limit their liability relative to their contract value with drug and device sponsor companies.
Data security: Data housed by service providers may include product manufacturing formulas and processes, clinical trials data, sales data, and other sensitive information. A breach may lead to a contract violation and can result in liability claims.
Business continuity and supply chain: Today’s economy, built heavily on just-in-time production, often leaves little room for disruptions or delays, creating a greater awareness of supply chain exposures and the need for viable solutions. Understanding the key risk exposures in your supply chain can help you make more informed business and financial decisions.

Service Providers