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Alexander Hamilton Awards

An Efficient Approach to Managing Complex Insurance Programs

Our final Alexander Hamilton Award of 2022—the Gold Award in Risk Management—goes to: Bristol Myers Squibb. Congratulations!

Congratulations to Bristol Myers Squibb!

Global biopharmaceutical giant Bristol Myers Squibb is focused on developing innovative medicines that address the unmet needs of patients with serious diseases. Clinical trials are key to the company’s research and development (R&D) process. Teams internal to Bristol Myers Squibb conduct some of these studies, while external clinical research organizations (CROs) handle others. Either way, insurance is a prerequisite before any clinical trial can get under way.

“Clinical trial insurance protects participants, covering expenses in the event that a patient sustains injuries during the trial,” explains Henry Huseby, director, corporate insurances. “The unique challenge for a global pharma company is that every country requires you to have clinical trial insurance, but no two countries are the same. The insurance you buy in Romania is completely different from what you buy in Australia.”

Bristol Myers Squibb must submit documentation to each nation’s ethics committee, Ministry of Health, or other agency, as dictated by local law. In addition to proof of insurance, these submissions include details such as the title of the study, number of patients, purpose of the trial, and testing sites (in some jurisdictions). Some countries require all this information to be submitted in the local language.

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Meg Waters

Meg Waters

Meg Waters is the editor in chief of Treasury & Risk. She is the former editor in chief of BPM Magazine and the former managing editor of Business Finance.

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The deadline for submitting projects for consideration for the 2024 Alexander Hamilton Awards is now September 11. Submit your innovative initiative today!

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