Blog: Supporting the digital health revolution

Evidence of the speed of change in this market is highlighted by the quick and novel development of Covid-19 vaccines. At the time of writing, there are 54 Covid-19 vaccines in development and six recognised by regulators as having significant potential. Two have been created with brand new technology never seen before in vaccine development that has revolutionised the industry in a short space of time.

Prior to the pandemic, a typical vaccine took 10 years on average to be developed, tested, and fully approved for use. However, today, due to scientific and technological advancements and regulatory support, timescales have been dramatically cut to a mere matter of months in order to successfully fight against the pandemic.

Comparatively, during the Sars epidemic in 2003, it took more than six months to deliver appropriate testing, so the fact that several manufacturers successfully designed, created and delivered Covid-19 testing kits in a matter of weeks earlier in the year is a testament to the benefits of technology and the adage ‘where there’s a will there’s a way’.

Turbocharged

The rapid advancements in digital health has also affected the public health sector. It would be no exaggeration to say Covid-19 has positively turbocharged the digital health revolution. In the UK, just 7% to 8% of consultations were conducted face-to-face in April this year, compared to 80% in April in 2019. Therefore, it is no surprise that 70% of patients think digital services will be prominent or significantly prominent over the next three years. There has also been an explosion in the development of never been seen before smart medical devices and health monitoring apps, and in our experience many of the firms behind these developments are new entrants to the health market buying liability insurance for the first time and requiring bespoke cover.

In the UK, clinical trials cannot commence without appropriate ‘no fault’ liability compensation insurance alongside legal liability insurance in place. During the pandemic, at Beazley we have seen an unprecedented number of submissions for clinical trials insurance for various medical devices, vaccines and repurposed pharmaceuticals for use against the Covid-19 virus. If the insurance market did not step up to the challenge of insuring these clinical trials, they would not be able to progress.