In early 2010, Profectus Biosciences, Inc., a technology-based vaccine company devoted to the treatment and prevention of chronic viral diseases – was shopping around for general clinical trial and liability insurance. The company, which develops and commercializes select technologies created at the Institute of Human Virology, was reluctant to change insurance brokers at first, but after meeting with the RCM&D Life Science Team, decided to make the switch.
Profectus enters into a number of sub-licensing agreements with academic institutions as well as governmental and commercial entities, a lot of which have their own malpractice insurance requirements. RCM&D was able to take all of Profectus’ agreements with these various organizations and find a common denominator among each – since each has different requirements – to help streamline the process. RCM&D helped negotiate where Profectus’ insurance was insufficient or where requests were inconsistent.
“Finding that common denominator was most economic for us,” said Profectus’ Chief Operating Officer Jeffrey Meshulam. “It was a very successful process and I was quite surprised at the outcome.”
In addition to streamlining Profectus’ agreements, RCM&D reviewed the company’s insurance policies to see where the company was over- or underinsured and compared Profectus’ to similar companies in order to help provide benchmarks – further helping the company save time and money.
Despite initial skepticism in switching insurance brokers, RCM&D is now part of the Profectus team. When the company has negotiations, they bring RCM&D to the table. “RCM&D comes to meetings as part of our team. I don’t worry about what they are going to say. This is not something I would normally do, but with them, I’m very comfortable with it,” said Meshulam.
“I was reluctant to switch at first, but now, I’m sorry I waited. People don’t like to make changes; in this case, it was a good one.”