AXA XL: COVID-19; how insurance can help in the medical fight against the pandemic
Executive summary :
In the fight against COVID-19, the search for a vaccine is a major international effort. In addition to trying to find a vaccine for the virus, drug companies also are working to find medical treatments that could alleviate some of the symptoms of the virus and help patients to recover faster and better.
Back office efforts
Behind the scenes, underwriters and risk engineers are involved in this effort too. We have brought our risk expertise to discussions with clients that are exploring potential vaccines and treatments or looking at adapting existing medicines to address some of the effects of COVID-19.
There is an obvious human importance to finding ways to tackle the COVID-19 pandemic. And the financial risks and rewards for pharmaceutical companies are significant.
High stakes, big business
The development and marketing of new drugs is big business. For pharmaceutical companies, developing drugs takes a massive investment of both time and money. Industry experts say that it costs about $800 million to bring a new drug to market. And according to the Tufts Center for the Study of Drug Development, in the U.S. this figure is even higher at an estimated $2.6 billion.
As well as being a large financial investment, developing a new drug is a lengthy process. It takes an average of 12 years for an experimental drug to make it from the laboratory into homes in the US, for example.
The paper goes on to consider:
- clinical trials and how they work;
- regulatory considerations;
- insurance needs.
Fighting for the future
In these unprecedented times, this has come into even sharper focus. As clinical trials insurance underwriters and risk engineers, we continue to stand alongside pharmaceutical companies as they seek to innovate and find a way to defeat COVID-19.
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