Getting to and performing a successful human clinical trial can be a defining event for many life science companies. No matter the role - sponsor, CRO or site location - millions of dollars are at stake and the well being and health of the participants is paramount. Ultimately, the clinical trial process personifies risk in every aspect.
Often, the life science manager responsible for risk management takes on that role amid a variety of other tasks. Within this divergent position, the attention one can devote to true risk management is confined to the placing of an insurance policy. However, this transactional element is only one aspect of a comprehensive program.
As outsourced risk managers, the RCM&D Life Science Team employs a holistic and expert approach to risk management. Our team is made up of experienced insurance professionals, attorneys, RNs and licensed risk control specialists. As such, we are uniquely qualified and versed in all of the issues, regulations, laws and new business trends impacting the life science community.
In many cases, RCM&D’s involvement helps present the company as a more favorable risk to the underwriting community, which can result in improved terms and reduced overall insurance costs.
Our goal, to effectively take risk management off of the desk of life science managers, allows them to focus their efforts on the more vital parts of their businesses: fostering scientific discovery, ensuring safety and progress, and delivering superior value to their customers and stakeholders.
While critical, managing these risks goes far beyond placing the proper insurance policy. Utilizing our Outsourced Risk Management process, RCM&D approaches clinical trial exposures from a holistic standpoint. Our life science consultants, including attorneys, nurses and insurance professionals, work with clients to understand their responsibilities within the trial and help them insulate the organization from risk to the greatest extent possible. Once a strategy is devised, leveraging our long-standing carrier relationships, we then introduce the client to the underwriting community in order obtain the best possible insurance coverage, pricing, terms and conditions.
The same process applies to products that do not require clinical trials or after approval. While the risk profile changes, the approach is consistent.
RCM&D works to ensure adequate coverage is in place and is implemented appropriately to maximize a client’s ability to move forward with the trial in a timely manner.
Ready to continue the conversation? We’d like to. We are eager to discuss your risk and benefits management challenges, your organizational goals, and your appetite for new solutions based on your unique business needs.