CHICAGO, Sept. 17 /PRNewswire-FirstCall/ -- Aon Corporation (NYSE: AOC), the leading global provider of risk management services, insurance and reinsurance brokerage, and human capital consulting, today issued the findings of its 2009 Clinical Trials Risk Map to address the constantly changing environment in which biotechnology, pharmaceutical and medical device companies conduct business around the world.
The likelihood that a clinical trial may be negatively impacted is on the rise in relation to the increasing scrutiny and compliance regulations associated with the shift in recent years toward moving clinical trials from the U.S. and Western Europe to emerging regions such as Eastern Europe, Latin America and Asia.
While the decision to conduct clinical trials abroad varies based upon each life sciences company's unique needs, a complex insurance regulatory environment is all but guaranteed across the industry. An additional challenge identified by the 2009 Clinical Trials Risk Map is the increasing number of countries that now require admitted insurance coverage, or coverage that is purchased from an insurance company licensed within the country where the trial is being conducted.
"In the past, a certificate of insurance could be issued in the U.S., stating that the policy in place would address any liabilities associated with a clinical trial," stated James Walters, managing director of Aon's Life Sciences practice and author of the 2009 Clinical Trials Risk Map. "Today, life sciences firms must often secure local country coverage, which requires the understanding of legal requirements in each jurisdiction. Without the proper counsel on the ground, the risk of error can be costly and ultimately result in a delayed or cancelled clinical trial."
Aon's 2009 Clinical Trials Risk Map assigns symbols to countries around the world to identify:
Often fraught with intricacies related to local language regulations, levels of coverage and the specific contractual language required, clinical trials insurance demands the focused attention of a risk management partner intimately familiar with navigating each country's requirements to secure the proper admitted clinical trials insurance coverage.
About the 2009 Aon Clinical Trials Risk Map
The annual Clinical Trials Risk Map, produced by Aon's Life Sciences practice, provides an overview of clinical trial insurance complexities encountered by life sciences companies when conducting clinical trials around the globe. The map is based on the practice's expertise in placing coverage and mitigating risk for these firms in over 70 countries throughout the world. The global network of Aon's life sciences experts is positioned to assist life sciences companies to efficiently and effectively secure international coverage for their clinical trials in adherence to the regulatory environments of individual countries.
To register for a copy of Aon's 2009 Clinical Trials Risk Map, visit http://www.aon.com/clinicaltrialsmap.
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Aon Corporation (NYSE: AOC) is the leading global provider of risk management services, insurance and reinsurance brokerage, and human capital consulting. Through its more than 37,000 colleagues worldwide, Aon readily delivers distinctive client value via innovative and effective risk management and workforce productivity solutions. Aon's industry-leading global resources and technical expertise are delivered locally through more than 500 offices in more than 120 countries. Named the world's best broker by Euromoney magazine's 2008 and 2009 Insurance Survey, Aon also ranked highest on Business Insurance's listing of the world's largest insurance brokers based on commercial retail, wholesale, reinsurance and personal lines brokerage revenues in 2008. A.M. Best deemed Aon the number one insurance broker based on brokerage revenues in 2007 and 2008, and Aon was voted best insurance intermediary, best reinsurance intermediary and best employee benefits consulting firm in 2007 and 2008 by the readers of Business Insurance. For more information on Aon, log onto http://www.aon.com.
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