White Paper Summary

The life sciences sector finds itself at a critical juncture. Regulatory approvals are taking longer, talent costs are rising, and new technologies are creating both opportunities and exposures that didn’t exist a decade ago. For companies developing pharmaceuticals and medical devices, these converging challenges threaten to prevent some important innovations from ever reaching the market.

“A lot has been going on with the Food and Drug Administration,” said James Craig, Underwriting Manager, Life Science at Munich Re Specialty – North America. “There is turnover of employees, fewer resources, new guidance and less predictability from the FDA. Approvals take longer for new products or labeling changes.”

This regulatory unpredictability represents just one element of what Craig described as “rough waters” for the life sciences industry. The combination of multiple challenges arriving simultaneously has created an environment where companies must rethink their approach to risk management and seek more comprehensive partnerships with their insurance providers.

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Munich Re, and its family of companies, has been a leader in risk for more than 100 years. We are spearheading innovation to deliver competitive advantages for our clients every day and disrupting on our own terms to reimagine the world of risk itself.
Munich Re Specialty is a description for the insurance business operations of affiliated companies in the Munich Re Group that share a common directive to offer and deliver specialty property and casualty insurance products and services.