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Science Digital
Contingent Business Interruption: What Most Life Science Companies Need to Know
At Maloy Risk Services, Inc. we spend a great deal of time meeting with various types of life science companies that range from early stage start ups to multi-national distribution operations. Invariably we get to a discussion surrounding the production of product, in particular for the pharmaceutical sales companies who have multi distribution centers and manufacturers of product or API. (Active Pharmaceutical Ingredients) Most of the time we are dealing with the financial side of the operation and they often have a general understanding of the product and values, but cannot answer very specific questions relating to the production, ability to replicate that production or how the manufacturing or the distribution of the product really work.
Most pharmaceutical companies outsource or collaborate on the production of their products and it is imperative to make sure that distribution and facilities management personnel are available to discuss the insurance needs. If the manufacturing is outsourced, now the information needed must come from a third party and trying to extract loss control policies and procedures at their facility can become challenging, but critical to successfully mitigating a possible company ending claim. The following case study comes from our real experience with a new client.
When we first came to review this $164 million revenue pharmaceutical sales company, we found that many locations on the policy were actually not their locations, but the locations of manufacturers producing their products. These locations had varying amounts of business interruption insurance as if the locations were actually that of the insured, which was inaccurate. Each location was actually a Contingent Business Interruption exposure, or the loss at a non-owned facility that destroys the ability of the insured to make or sell their product. For instance, in this case, one facility was manufacturing the drug using a specialty intravenous bag that was the patented technology of the manufacturer. If the production line suffered a fire, or any other catastrophic loss, the batch would not be made and the ability to make new product would be lost for 2 years. Due to the specialty nature of the production, there is no other manufacturer that can replicate the line; the product is 50% of the company's revenue. Clearly a loss of this magnitude would not be sustained and the company would be forced to shut down without the proper amount of Contingent Business Interruption coverage, which we were able to place at a reasonable cost in comparison to the exposure.
Additionally, this entity had a major API shipment coming from Europe that was to be used in manufacturing a drug that would mean $40MM in revenue to the company. Although the production line can be replicated more easily, it would still take 18 months to replicate, so similar concerns arose at this manufacturing facility. Since the exposure would be lessened by a stored backup supply of inventory once the production was underway, we made sure to insure the API while in transit and at the manufacturing facility at its selling price value instead of its replacement value. By using the Selling Price we lessen the need for Contingent Business Interruption insurance since the loss is valued at the cost plus profit of the product. Now we are not losing the revenue of the damaged API we are only losing the future revenue past the reserve supply and the replacement of the manufacturing line.
Many Pharma companies are venture backed and often they do not fully understand the potential catastrophic losses that their portfolio companies face. Understanding and discussing the manufacturing and distribution processing for each drug is crucial to the risk management process. All parties need to be involved: distribution, manufacturing, facilities management, finance and your insurance agent or broker as well as the insurer need to understand how each drug moves from API to manufacturing, to finished good, to storage warehouse and to the end client. Each step of the way will uncover pitfalls that many companies are unaware of until its post claim. Be in front of the process and make sure all parties are aligned.
About the Author
Maloy Risk Services, Inc. is a leading provider of life sciences liability insurance.
What is the difference between Computer Science and Information Technology?
Right now I am majoring in computer science, although I am thinking of minoring in it and taking something else (maybe digital media), but I was wondering what the difference was between CS and IT? Does CS just involve more programming and math, and what different jobs can you get for each?
Computer Science is about computation theory, programming being one sub-field of computer science. Computer Science tends to be math heavy at most universities, requiring Calc I,II,III, Discrete Math, Diff Equations, or their equivalents and so on.
The science studies not just programming, but studying computation in terms of what problems can theoretically be solved, which cannot, how to measure the complexity of particular computational problems.
Another area of study is programming languages; not how to program but the design and development of programming languages.
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I'd have to see the Information Technology degree at your particular institution, but it likely follows the "Computer Information Systems" degree model, which tends to require less math, occasionally requires some business courses. Such degrees have less focus on the theoretical and will have more courses on internet technologies, database technology, and often focus on such topics as project management, System Analysis/Design, Workflow, etc.
Degrees related to computing tend to fall in one of three groups:
Computer Science: Theoretical, stronger emphasis on the underpinnings of computation, greater amounts of math.
Computer Information Systems: Includes more of the business side of computing, tends to be a mix of programming, and greater focus on project management and analysis of systems.
Management Information Systems: Even greater focus on the business side, usually very light on the math (College Algebra, Statistics, primarily), but will more business courses.
In some cases, MIS will be coming out of the business school, while CS/CIS tends to come out of Math, Science and Technology and the like.
Richard Dawkins 1of3: The Poetry of Science