Ms. Tina Nitin Parikh
Vice President - Pharma & Lifesciences
The pandemic has significantly impacted medical research globally, forcing the industry to make swift modifications to sustain clinical trials under COVID-19 restrictions. However, the crisis has also brought to light the potential of the industry to adopt patient-centric practices, automate clinical trials, leverage m-health and wearable technology, and conduct targeted clinical trials. As an essential component of the drug discovery and development program, clinical trials are fast emerging as an important activity in India, which is fast becoming a global hub for conducting clinical trials.
The "India Advantage" has played a crucial role in this transformation, including the availability of large numbers of patients, highly motivated and skilled medical and paramedical personnel, state-of-the-art hospitals, and strong information technology (IT) support. The numbers speak for themselves: between 2014 and 2022, the number of clinical trial sites in India increased by 40%, as per a recent study by the Indian Society for Clinical Research (ISCR). Additionally, the number of active clinical trials in India increased from 458 in 2018 to 900 in 2020, according to data from ClinicalTrials.gov.
At PINC Insurance, we understand the unique requirements and needs of clients towards clinical trial insurance. As a leading Indian insurance broker with a global presence in over 40 countries, we have a core experience in clinical trial insurance and have been catering to small, midsize, and large corporate clients who are involved in conducting research and clinical trials.
Our expertise in the field is backed by the numbers as well. According to data from the Central Drugs Standard Control Organization (CDSCO), there were over 3,000 clinical trials approved in India in 2020 alone. Furthermore, the market size of clinical trials in India is estimated to reach $2.5 billion by 2025, growing at a CAGR of 12.4%, as per a report by ResearchAndMarkets.
In conclusion, as India emerges as a global hub for clinical trials, PINC Insurance is well-positioned to provide expert insurance solutions and advisory services to our clients. With our industry-specific expertise and a dedicated team of professionals, we are committed to delivering comprehensive and superior clinical trial insurance services on a global platform.
Ms. Tina Nitin Parikh
Vice President - Pharma & Lifesciences
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