In the ever-evolving world of life sciences, adaptation is key. In his article with Insurance Journal Christopher Thompson, UK Life Science Segment Leader at CNA Hardy delves into the intricate relationship of collaboration and competition within this dynamic sector.
Here are the key takeaways:
- Supply Chains: The pandemic exposed supply chain weaknesses, prompting diversification, improved visibility, and real-time tracking. Initiatives like the Pharmaceutical Supply Chain Initiative (PSCI) aim to enhance transparency.
- Regulatory Push: Regulators are fostering collaboration. The pending Pharmaceutical Strategy for Europe encourages information sharing, while the European Health Data Space will serve as a data repository for pharma companies.
- Research and Development (R&D): Collaboration in drug development is on the rise, with alliances between biopharma companies and MedTech manufacturers and partnerships with external research facilities.
- Climate Change: Sustainability is gaining importance, with initiatives like the Energise renewable-energy access programme and the Science Based Targets Initiative.
- Brokers and Insurers: In this complex and evolving industry, collaboration is not limited to within its own ranks. Collaboration with brokers and insurers is equally vital. It ensures that coverage adapts to changing needs, risk mitigation is comprehensive, and claims can be settled promptly and efficiently.
Read the full article on Insurance Journal here: The Legal Tensions of Collaboration and Competition in the Life Sciences Industry (insurancejournal.com)