Clinical trial insurance comes to the aid of pharma cos
Pharmaceutical companies, in fact, often come out with new drugs. However, before being released in the market, such drugs need to be tested for their effectiveness on human subjects. This process is known as clinical trial or bio-equivalence test, based on the kind of trial conducted. True, the commercial advantage to the company that produces the first approved drug for a disease that affects a large patient population can be enormous. But also, the liabilities associated with such trials can be significant for all of the parties involved. For instance, the new devices and drugs being tested may have effects that were not envisaged, and unavoidable accidents can occur. Such effects can cause injuries to the individuals on whom the trials are being conducted. This can create large liabilities and the companies conducting such trials may finally find themselves entangled in legal suits. Clinical trial insurance (CTI) covers this risk and protects the insured against lawsuits alleging death, bodily injury, property damages, etc, as a result of an individual’s or a group’s participation in a clinical trial. The term ‘insured’ includes a wide group of people involved in the clinical trial, from the sponsor to the medical persons to the clinical research organization and even to the ethics committee that approves the trial. “By taking this cover, pharmaceutical companies can at least secure their financial loss in the event of compensating the subjects who volunteered for the trial,” says T A Ramalingam, Head
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