Optima Insurance Brokers Pvt. Ltd.

Industry Focus

Pharmaceuticals

India's pharmaceutical market grew at 15.7 percent during December 2011. Globally, India ranks third in terms of manufacturing pharmaceutical products by volume. According to McKinsey, India’s Pharmaceutical Market is ranked 14th in the world. By 2015, it is expected to reach top 10 in the world beating Brazil, Mexico, South Korea and Turkey.

Overview

India’s pharmaceutical industry revolves around “bulk drug manufacturing units” dealing with hazardous chemicals with very low flash point, “formulation units” and large “warehouses” storing raw materials and finished products. Medicines in transit, pose unique challenges to the insurers and insured alike.

The pharmaceutical industry needs to guard itself against the many risks that are typical to its nature of operation. Highly flammable solvents in reactors and centrifuge expose “bulk drug manufacturing units” to high degrees of fire and explosion risks. Chemical leaks from storage plants could also trigger fire accidents or could harm general public. Legal liability to the customers and general public is a matter of great concern to the pharmaceutical industry (in cases of contamination from a chemical leak) Hijacking of truckloads of medicines or leakage of medicines during transit could accrue serious losses for the manufacturer. Entire stocks of medicines can go waste if storage equipment (such as refrigerators or temperature-control containers) is not functioning to an optimum level.

Optima Egde:

We understand how critical any of these risks could be to the pharmaceutical industry. We help companies manage financial, operational, and regulatory risk in the complex and fast-changing global pharmaceuticals marketplace. Our team builds tailor-made packages and solutions based on a careful analysis of the risk potential of each client. Our advisers discuss with you a range of insurance policies and tailor a bespoke package specifically designed for your needs and requirements. This is enabled through our research backed extensive knowledge of the industry and its legislative environment.



Case Studies

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Optima’s core group has more than 100 man-years of experience in insurance. Our experience has trained us in reading the fine print of insurance policies, understanding it and applying it for the benefit of our clients.

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M6, M Block Market, Greater Kailash-II, New Delhi-110 048
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