Taizhou issues new insurance to support biotech innovation

Ab&B Bio-Tech in Taizhou Medical High-Tech Zone. [Photo/Ab&B Bio-Tech]

A subsidiary of PICC Property and Casualty in Taizhou Medical High-Tech Zone has issued the country's first "Pharma R&D Insurance" policy, providing a tailored risk protection package for local biotech firm Ab&B Bio-Tech.

The policy covers key risks across drug development, including clinical trials, cybersecurity, and research personnel.

Drug development faces significant uncertainties due to unknown drug reactions and individual differences among participants. Adverse events can result in heavy financial losses and delays in research progress. To address these challenges, the Taizhou branch of PICC has introduced a product designed to reduce risks and enable companies to focus on innovation. Companies can customize coverage based on their needs.

The newly issued policy provides over 2 million yuan ($290,000) in risk coverage, effectively filling a gap in China's comprehensive insurance offerings for pharmaceutical research and development.