A new online system from the Chubb Group of Insurance Companies will help life sciences companies deliver life-saving products to market faster by simplifying the process for obtaining clinical trial liability insurance documentation. The new system, Chubb WORLDcert, allows drug and medical device developers to quickly secure required insurance documentation for clinical trials around the globe.
The National Institutes of Health currently lists 87,778 trials ongoing in 172 countries. Life science companies and contract research organizations cannot secure approval from a medical institution's ethics committee to begin a clinical trial without accurate documentation that appropriate insurance has been secured. "A seemingly minor mistake, such as producing a certificate of insurance with a typographical error, insufficient insurance limits or an incorrect number of participants could set a clinical trial back for months," said Frank Goudsmit, vice president and life sciences international manager, Chubb Commercial Insurance. "Complicating the process further, key details about a trial are frequently a moving target right up to the ethics committee meeting date, and such gatherings happen infrequently at many institutions."
"For years, our members have wrestled with the challenge of securing these certificates of insurance in an accurate and timely fashion," said Jim Greenwood, BIO president and CEO. "Chubb has melded technology with its expertise in the life science industry to create an online system that will help expedite the clinical trials process and potentially get critical life-saving products to market faster."
"If a clinical trial is delayed because a certificate of insurance is not available, inaccurate or incomplete, it also shortens the timeframe during which a life sciences company enjoys patent exclusivity," added Goudsmit.
WORLDcert provides instant certificates of insurance in 149 countries. Sponsors of clinical trials in these countries generally will no longer need to wait for an insurance agent or broker to communicate trial information to an insurance company and for the insurer to complete manually intensive back-end processes. The resulting efficiency allows the innovator company to focus their efforts on delivering life saving or life extending therapies.
SOURCE Chubb Group of Insurance Companies