Aon: Complex Insurance Requirements, Risk Management Needs Challenge Firms Conducting Clinical Trials Beyond O... ( CHICAGO Aug. 13 /- As biotechnolo...)

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Aon: Complex Insurance Requirements, Risk Management Needs Challenge Firms Conducting Clinical Trials Beyond Own Borders

Date:8/13/2008

CHICAGO, Aug. 13 /PRNewswire-FirstCall/ -- As biotechnology, pharmaceutical and medical device companies increasingly move clinical trials beyond their own borders to other parts of the world, such as Asia, Eastern Europe and South America, complicated regulatory environments challenge those firms' efforts to do business, according to an analysis by Aon Corporation (NYSE: AOC). Aon's 2008 Clinical Trials Risk Map provides those companies a visual representation of the complex insurance requirements and risk management needs that exist for companies conducting clinical trials internationally.

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A robust research and development pipeline is essential to bringing new drugs or medical products to market, with clinical trials being an important step in the process of regulatory approval and marketing. While companies find benefits to conducting trials abroad, insurance and risk management requirements vary. Missteps in the placement of insurance can delay or disrupt clinical trials, resulting in costly financial implications for the life sciences company.

In 53 percent of the countries included in Aon's analysis, businesses must include a certificate of insurance in their regulatory filing package. Additionally:

-- Certificates issued by locally licensed insurance companies are generally required for regulatory filings, and most countries' regulatory authorities have specific requirements for insurance certifications.

-- Turnaround time for certification issuance is often longer, particularly when local admitted insurance companies must be used.

-- Delays or e
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