In 2009 Simon began his insurance career in general commercial insurance advising and broking. During his time working within general practice, Simon took a professional and personal interest in medicine and biochemistry. Building upon this interest, he has developed experience and understanding of varying life science businesses and their complex risk management requirements. During his four years at All Med Pro, Simon has quickly become an expert within the Life Sciences insurance industry- we sat down with Simon to learn the answers to some of his most frequently asked questions.
Q- Please can you give your own explanation to the meaning of Life Sciences business?
A- In general terms, Life Sciences is related to the study of living things. Life Sciences is related to the study of humans, animals, and plants. If we apply our understanding in the commercial sense to Life Science, we would be concentrating on the types of businesses that work in:
- Biosciences (biology, biomaterials, biotech, biomedical engineering)
- Food sciences
These are some examples of the types of Life Sciences studies or sectors.
Q- What types of Life Sciences business do you arrange commercial insurances for?
A- As you might appreciate the Life Sciences sector is varied. Therefore, also is the type of commercial enterprises that we help. To give examples over the past 12 months we have worked with a considerable number of:
- Medical device manufactures (all classes)
- Clinical Trial sponsors
- Contract research organisations
- Nutraceutical & Cosmetic manufacturers
- Pharmaceutical wholesalers
Q- What type of Life Sciences businesses do you particularly enjoy working with?
A- This is a great question. There isn’t any type of Life Sciences business that I don’t take pleasure in advising. However, if I had to choose a particular business type; it would probably be a business involved in the research and development of BioTech. We are so lucky to be living in a time of such rapid, accelerated scientific development! It might not surprise you, but Healthcare and Technology are two of the biggest growing sectors globally. Considering this, here are some useful facts to the growing UK Life Sciences space.
- research shows the UK life sciences sector is soaring with a record turnover of over £70 billion and SMEs accounting for 82% of businesses and 24% of all UK life sciences employment
- the UK has recently received the highest level of life science foreign direct investment projects in Europe – the highest in 7 years
Q- Understanding that the UK is ever evolving and developing as a global Life Sciences hub, is there any particular area that you have seen grow more than others?
A- Another good question. It might be useful for me to draw upon the experience of how the UK Life Sciences insurance market has evolved to keep pace with an ever-evolving space over the past years. Following the specific effects that COVID-19 had on healthcare, there has been a driving demand to further e-Health offerings. Post pandemic’ several of us are living in a new, somewhat cautious manner. From the top down, the World Health Organisation is promoting eHealth. It is a fair evaluation that several people would prefer to liaise with a healthcare professional at a time and place more convenient to them. eHealth has certainly become more popular as a result of the pandemic, but also because people are getting used to a more convenient way of accessing services.
Q- What is the most interesting Life Sciences business that you’ve come across in the past year?
A- I have a personal connection with an oncology patient who has received a particular gene therapy that has literally prolonged their life. The therapy is novel, and the patient involved was part of a recent trial. To summarise the therapy in a short summary, the patient had their own white blood cells removed, transported from the UK overseas where scientists applied gene therapy; then the cells were transported back to the UK and re-introduced to the patient. These modified cells then directly attacked and killed off the patient’s cancer cells. You must understand this is a cancer treatment game changer and so very exciting!
Looking for Life Sciences Insurance? Book a FREE consultation with Simon today to discuss your requirements: All Med Pro (office365.com), alternatively, give us a call on 0203 757 6950 or drop Simon an email directly at [email protected]