India’s drug regulator, the Central Drugs Standard Control Organization, on 28 September 2021, allowed the Serum Institute of India to enroll children between the ages of 7 and 11 for a COVID-19 vaccine clinical trial.
Clinical trials involve scientific tests and experiments on participants to understand the efficacy and safety of vaccines.
Nearly all vaccines have to go through appropriate trials before they can be safely administered to the public. But how do pharma companies ensure their financial security in case something goes wrong during trials?
Through Clinical Trial Liability Insurance!
This type of a policy offers various benefits to the companies and participants:
- It offers compensation to the research subjects in case of any harm, injury or death due to negligence of the researcher or the institute
- It covers unintentional physical damage caused to the participants along with their medical expenses
- It offers coverage for material damage to any research equipment, or any data breach during the trial
This policy is valid specifically for the product that is named and insured in the policy schedule and remains active for the duration of the clinical trial till the product is completed and launched in the market.
The market for Clinical Trial Liability insurance policies dramatically grew during the COVID-19 pandemic, with numerous Indian and foreign companies, and joint ventures taking them for both indigenous and adopted vaccines.
Interested to learn more about insurance? Check out how the government is using Insurance to boost India's exports