Stock deterioration contained in a controlled environment is a significant cost for life science businesses
How safe is your R&D material? The contents of your freezers may represent months of valuable R&D time – and without Stock Deterioration insurance, a malfunction could screw up project timelines and hit your revenue.
Insuring “property” in the biopharmaceutical sector differs hugely from risks of other sectors. A key area of concern for manufacture and research organisations is storage of refrigerated stock: losses arising from a change in controlled environment (malfunction or breakdown of fridges or freezers, dewars running dry) can be very costly, and an integrated risk management programme is crucial.
Assessing the Risk of Stock Deterioration
It’s important to evaluate how business-critical the contents of refrigeration units are. They may represent months of valuable research and development time, and losses might impact on revenue and clients’ R&D operations.
Read our Risk Management Checklist for Stock in a Controlled Environment and contact us for more information on Stock Deterioration Insurance.
Annette B, Company Secretary, ICT
Specialist & Independent
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