Expertly Designed Coverage that Evolves in Lockstep with Advancements in Psychedelic-Assisted Therapy
Insurance is already a complex, constantly evolving industry, but add in the new, rapidly changing developments in psychedelics for clinical use, and working with an experienced professional to help you navigate this space becomes essential. AHT’s professionals have immersed themselves into the psychedelics risk landscape since this ground-breaking therapy became a fierce topic in healthcare.
The race is on as clinical trials continue to progress and companies begin to seek FDA approval for clinical use of psychedelics in the treatment of PTSD, traumatic brain injury, mental disorders, and the effects of domestic abuse. This means the race is also on to put the proper coverage in place to protect the companies and people involved in getting this breakthrough therapy to market, which is why we developed TheraCover™ – Psychedelics Insurance.
PROTECTING THE FRONT LINES
Hospitals & Healthcare Facilities
Companies Administering Clinical Trials
Clinicians & Therapists
PROTECTING YOUR MOST CHALLENGING EXPOSURES
While life science companies continue to undergo clinical trials for the use of drugs, such as methylenedioxy-methamphetamine (MDMA) and psilocybin, for psychedelic-assisted therapy (PAT), insurance professionals are preparing for managing the risks and identifying the proper coverage as these new treatments hit the healthcare system.
The exposures facing the companies and people involved in psychedelics research are some of the toughest to navigate and cover from an insurance perspective. Our professionals design customized programs to manage these highly challenging risks and protect those overseeing the clinical trials. Contact us to talk about insurance for psychedelics.
Examples of the most essential coverages include:
Protect your company from third-party claims of bodily injury resulting in the use of psychedelic drugs for treatment of mental disorders and complex trauma.
Protect the service providers, clinicians, therapists, etc., administering psychedelic-assisted therapy if a negligence claim is made by a patient.
Put an umbrella policy in place to cover gaps and the undoubtedly unique risks posed by this potentially breakthrough treatment.
Put coverage in place for international exposures facing clients administering clinical trials around the world.
Defend your company against drug-related product liability claims – defectively manufactured pharmaceutical drugs, those with dangerous side effects or that are improperly marketed.
Retain proper cyber insurance to protect your company. With major advancements in healthcare and pharmaceuticals, companies become easy and highly vulnerable targets for cyberattacks.
Directors & Officers Liability
Protect the professionals who are overseeing the clinical trials in the event they are sued by participants or family members.
ARTICLES & RESOURCES
Multidisciplinary Association for Psychedelic Studies (MAPS)
“Psychedelics, when used wisely, have the potential to heal us, help inspire us, and perhaps even save us.”
—Rick Doblin, Ph.D., MAPS Founder and Executive Director
PROTECTING THE FRONT LINES – CLINICIANS & THERAPISTS
As clinicians and therapists, you took an oath to help care for and protect those with medical and mental health needs. As risk management professionals, we may not take an oath, but we do make a promise to every client to protect them and their most valuable assets.
With the rise in psychedelics clinical trials for the treatment of some mental health disorders comes a microscope over those administering the treatments. You’re on the front lines to help but that help could have negative consequences in the form of lawsuits against you as an individual.
Let’s talk about how to properly cover your risks and put your mind at ease as you help others.
PROTECTING THE INVESTORS
With projections for the U.S. market in psychedelics to grow 16.3% and reach $6.85 billion by 2027, the commercial and medical potential is an attractive opportunity in which to invest. But with that potential comes monetary and reputational risks private equity firms need to be prepared for and understand the nuances involved with investing in the psychedelics market.
Let’s talk about how to properly protect yourself from these unique risks.
MANAGING THE MANUFACTURER’S RISK
As a manufacturer, the risk doesn’t end when your product goes out the door. In the case of psychedelics medicine, you’re still at risk when the product you manufactured is administered to patients in clinical trials.
Let’s talk about how to properly cover your company’s risks during and after the manufacturing of psychedelics.
MEET OUR PSYCHEDELICS INSURANCE LEADER
Leslie Nylund, CPCU
Managing Director, Strategic Growth Initiatives