Clinical Trials
The pharmaceutical industry has seen a dramatic rise in the field of clinical trials and India is now a preferred destination due to the availability of medical experts, required infrastructure and research subjects. There can be no medical progress without research. Before pharmaceutical products and medical devices are approved, the function, effect and safety must be tested on humans. This happens by means of clinical trials.
Though the financial advantage of successful production of any first-time drug can be significant for any pharmaceutical company but the liabilities arising out of clinical trials should also be taken in consideration while designing its risk management policies. Clinical trials Insurance is a specialised type of insurance designed to provide financial protection for those sponsoring and conducting the trials as well as to provide suitable compensation to the volunteers should they suffer harm as a result of such trials.
We, at Vitality Insurance, have dedicated team members with in-depth knowledge & experience to offer you the best customised Insurance Policy with optimal add-ons to cover your financial risks.
It covers compensation arising from research subject in case of death and /or injury due to trial. Trials usually follows the approved protocol and informed subject consent. It is mostly a no fault cover.
It covers directors or partners, employee or past employee acting for the institution including medical Persons who are employees. It also covers investigators, sponsors, sub-contractor, doctor, nurse, hospital or contract research organization and members of Ethics Committee.
Insurance cover can be extended to cover the medical expenses for treating the subject. The covers needs a comprehensive geographical cover and research subject defines to include dependents, heir, administrator & legal representatives.