Clinical Trial Liability Insurance

Clinical Trial Liability Insurance

Subject: Economy

Context: Pharma companies have opted to buy insurance covers from domestic general insurers for their clinical trials to develop vaccines in the country as the vaccine demand is set rise and it is a highly risk activity.

Concept:

• It offers protection against legal liabilities which result from clinical trials.
• Clinical trials refer to scientific tests and treatments experimented on people to understand the efficacy of a medicine or medication.
• A clinical trial insurance covers physical injury, loss of data or property which occurs during the trial.
• Clinical Trial offers protection in two ways:

1. 1. Negligent Harm: This is a special policy which offers compensation in case a research subject is harmed due to negligence from the researcher or institute.
   2. Non- negligent Harm: This is the general insurance policy which covers unintentional physical damage caused to the research subject.

• These cover mainly: Personal damage; Material damage; Data breach; Extended period offering: This refers to the time period after the policy period has expired; Cross liability (coverage of more than one insured candidate; the total liability amount remains the same)