Chubb, National Center for the Middle Market Issue Special Report on the Most Pressing Challenges Faced by Life Sciences Companies
Chubb, alongside the National Center for the Middle Market, has released a report highlighting critical challenges facing the life sciences sector. The report emphasizes five key themes: managing innovation, protecting supply chains, commercialization strategies, identifying risks, and navigating regulations. It notes that COVID-19 has intensified these challenges, especially regarding supply chain vulnerabilities and cybersecurity risks. Conducted in March 2020, the survey included insights from 400 life sciences companies, serving as a valuable resource for industry executives.
- The report provides actionable insights for life sciences executives on managing risks and navigating regulations.
- Focus on supply chain vulnerabilities and cybersecurity aligns with current industry concerns, enhancing relevance.
- COVID-19 has exacerbated the existing risks and challenges in the life sciences industry.
- Increased reliance on technology raises cybersecurity threats and data security concerns.
WHITEHOUSE STATION, N.J., Aug. 5, 2020 /PRNewswire/ -- Chubb and the National Center for the Middle Market (NCMM), housed at The Ohio State University Fisher College of Business, have published a report detailing the challenges and opportunities confronting companies within the life sciences industry. The new research provides life sciences executives with insights to help balance risk and navigate regulations in order to drive success.
The report entitled, "Life Sciences in the Middle Market—From management to mastery: balancing innovation with risk and regulation to drive sustained performance," highlights five key themes:
- managing innovation and knowledge which is critical for success
- protecting complex supply chains which are prone to disruption
- creating and managing commercialization and distribution partnerships
- identifying complicated risks and exposures, including cyber threats, and
- navigating a rigorous and complex regulatory landscape.
The report also contains a section focusing on the unique challenges the industry has had in dealing with COVID-19.
"The life sciences industry is concentrated in the middle market—the segment that drives the U.S. economy," said Lee Farrow, EVP, Life Sciences Industry Practice Leader, Chubb. "This report presents findings that should serve as a good gauge for middle market life sciences executives in better understanding the challenges and risks their companies face individually, and as an industry."
Just prior to the pandemic, life sciences companies projected significantly higher rates of both revenue and employment growth for the year ahead than the broader middle market. Even before the outbreak, companies knew that growth would not come without challenges and risks. One of those risks is the adoption of advanced technologies such as mobile applications and internet-connected sensors, and the need to transfer sensitive data securely.
"In many ways, COVID-19 has exacerbated every one of the critical challenges faced by middle market life sciences companies," said Ben Rockwell, Division President, Chubb Middle Market. "The pandemic brought new focus to weak links in supply chains, as well as a range of other potential risks and liabilities. For example, connecting companies, devices and end users into technology ecosystems multiplies the targets for cyber intrusions. To help navigate the changing landscape, it is important that life sciences companies work with knowledgeable brokers and agents to help connect them with risk management solution providers that specialize in assessing these unique exposures, and provide state-of-the art products and services to help ensure that each company's risk management strategy aligns with their growth plans."
Conducted in March 2020, the survey polled 400 life sciences companies to learn more about the industry's economic impact, the challenges companies face, and what the fastest-growing middle market life sciences organizations do differently to overcome hurdles and sustain growth. The report shares the findings and serves as a resource for middle market life sciences executives, regulators and economic development agencies invested in the ongoing vitality of the sector.
"Life sciences is a classic knowledge business, where innovation, rapidly changing science and the potential for fast growth come together with the need to manage security, privacy and risk," said Thomas A. Stewart, Executive Director of NCMM. "This report shows how the best middle market life sciences companies achieve both growth and safety, and make lives better."
Additional tools and insights for agents and insureds can be found by accessing Chubb's life sciences resource center.
About the National Center for the Middle Market (NCMM)
The National Center for the Middle Market is a collaboration between The Ohio State University Fisher College of Business and Chubb. It exists for a single purpose: to ensure that the vitality and robustness of Middle Market companies are fully realized as fundamental to our nation's economic outlook and prosperity. The Center is the leading source of knowledge, leadership, and innovative research on the middle market economy, providing critical data analysis, insights, and perspectives for companies, policymakers and other key stakeholders to help accelerate growth, increase competitiveness and create jobs in this sector.
Housed at The Ohio State University Fisher College of Business, the National Center for the Middle Market is the first center of its kind in the nation. The Center enthusiastically serves middle market firms, students, academic researchers, policy makers, the media and other key stakeholders with interests in the health and well-being of the middle market. The Center is fully committed to funding and distributing the most credible open-sourced research, dynamically creating new knowledge, providing programs that drive value for middle market companies, and offering a well-informed outlook on the health and future of the middle market via the Middle Market Indicator.
About Chubb
With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 33,000 people worldwide.
Additional information can be found at: www.chubb.com.
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