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Clinical trial insurance is imperative for trials: here’s why


Clinical trials have increasingly gained momentum in developing countries in recent years. Resultantly, this phenomenon has seen rapid growth in demand for clinical trial insurance coverage. Gone are the days when biotechnology giants used to conduct their clinical trials without providing clinical trials insurance policies for research subjects. Whilst the importance of clinical trials is undeniable, research volunteers can easily pay a hefty price for their brevity given that sometimes things don’t always work according to plan. It is common for research subjects to get injured during clinical trials thus the need for protection.

What is clinical trial insurance?

The definition of clinical trial insurance coverage is an insurance cover put in place to protect clinical trials participants including research volunteers, research scientists, biotech and pharmaceutical businesses before trials. Without a cover, trials participants can become victims of malpractice, liability risks, and negligence. Approving and regulating bodies always recommend clinical liability insurance cover to be availed before giving the green light for trials to be conducted. Companies such as PPD can do decentralized clinical trials.

Types of clinical trial insurance

There are two types of harm that clinical insurance covers: Negligent harm and non-negligent harm.

1. Negligent harm

This kind of insurance cover provides compensation in an event where research volunteers get harmed as a result of negligence. Whilst clinical trials are meant to save millions of lives, lack of due diligence on the part of research scientists can have dire consequences. With a negligent harm cover, those who get hurt get compensated and their legal expenses covered. The law demands that insurance providers involved pay the maximum limit of covered liability as outlined in the clinical trial insurance policy without exceeding it.

2. Non-negligent harm

This insurance policy is tailored to protect clinical trials participants who get physically injured unintentionally. Clinical trials don’t always go as intended. As a result, research subjects can get injured during the process. In reality, clinical trials are inevitable since their main purpose is to discover and analyze the effects of newly discovered medical devices, strategies, and treatment for various diseases. Without the right clinical trial insurance policy, many volunteers would suffer immensely.

What’s covered?

The insurance covers various things including product liability coverage, errors and omissions liability, legal liabilities insurance; medical malpractice liability; public liability insurance; and no-fault compensation cover. The policy also covers personal damage, material damage, data breach, extended period offers, and cross liability among others.

Advantages of clinical trials insurance

Full compensation for bodily injuries

Pharmaceutical companies are routinely providing insurance for research participants to prove compliance with the law. Whilst there are many benefits associated with clinical trials, some trials can go wrong causing serious damages. Fortunately, having a clinical insurance cover ensures full compensation for all physical injuries that may occur on trial participants in the course of the trial.

Legal liability

Clinical trial insurance eases the burden of legal liability on participants. Battling giant pharmaceutical companies in the corridor of justice can be costly for most research subjects. It takes a top-notch independent lawyer for a claimant to get their compensation. Of course, such lawyers don’t come cheap. On the other hand, clinical insurance take care of legal liability for companies in the event where an injured trial participant files a compensation claim.

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