India’s pharmaceutical industry revolves around “bulk drug manufacturing units” dealing with hazardous chemicals with very low flash point, “formulation units” and large “warehouses” storing raw materials and finished products. Medicines in transit, pose unique challenges to the insurers and insured alike.

The pharmaceutical industry needs to guard itself against the many risks that are typical to its nature of operation. Highly flammable solvents in reactors and centrifuge expose “bulk drug manufacturing units” to high degrees of fire and explosion risks. Chemical leaks from storage plants could also trigger fire accidents or could harm general public. Legal liability to the customers and general public is a matter of great concern to the pharmaceutical industry (in cases of contamination from a chemical leak) Hijacking of truckloads of medicines or leakage of medicines during transit could accrue serious losses for the manufacturer. Entire stocks of medicines can go waste if storage equipment (such as refrigerators or temperature-control containers) is not functioning to an optimum level.

Optima Egde:

We understand how critical any of these risks could be to the pharmaceutical industry.  We help companies manage financial, operational, and regulatory risk in the complex and fast-changing global pharmaceuticals marketplace. Our team builds tailor-made packages and solutions based on a careful analysis of the risk potential of each client. Our advisers discuss with you a range of insurance policies and tailor a bespoke package specifically designed for your needs and requirements. This is enabled through our research backed extensive knowledge of the industry and its legislative environment.

CONTACT INFO

Kapil Agggarwal
Phone : 011 - 40 50 51 52
Email : This e-mail address is being protected from spambots. You need JavaScript enabled to view it.



Protection From White Collar Crime
Read more...

INDUSTRY NEWS


Bulk drugs makers hit by hefty fire insurance premium hikes.
Dec 02, 2019

Bulk drug makers have seen a significant jump in insurance premiums for fire and allied perils this year.


ISRO seeks insurance for domestic satellite launches for the first time.
Nov 28, 2019

The Indian Space Research Organisation (ISRO) is looking to buy insurance cover for a domestically launched space satellite.


IRDAI bars several health insurance exclusions
Oct 15, 2019

Insurance companies have been barred from excluding from coverage illnesses associated with hazardous work activity etc.

Read More...