Why Ontario is the epicentre of Canadian cannabis clinical trials1
A eureka moment. It’s the hope that inspires cannabis researchers. With legalization, cannabis clinical trials and new discoveries are happening right now in Ontario and across Canada. Licensed cannabis producers are delivering product to meet the needs of Canadian researchers. And a complex supply chain has quickly grown up to support cannabis clinical trials.
“There are approximately 60 cannabis research studies currently underway across Canada, and more than half are taking place in Ontario. Research focuses on either cannabis’ effects (dependence, psychomotor impairment, driving impairment related to cannabis) or its impact as a treatment. Disorders being studied include chronic pain (both cancer and non-cancer), epilepsy in adults, epilepsy in children, Tourette syndrome, inflammatory bowel disorders, generalized anxiety disorder, multiple sclerosis and knee osteoarthritis.”2Clinical Trials Ontario
When conducting a cannabis clinical trial, there are many variables that you prepare for. Risk is one of those variables. There are specific risks inherent to working with cannabis and that’s why clinical trials require custom insurance.
Get a free insurance quote now. Click to #getALIGNED
What information do insurance companies require for a cannabis clinical trial?
To secure insurance for a clinical trial, insurance companies require certain types of information, such as:
- Information about the experience of organizations involved in the clinical trials
- If applicable, information about the relationship between various organizations involved in the trial
- A clinical trial protocol document
- Documentation about informed consents
Because cannabis is such a new industry in Canada, there additional risks inherit to conducting a clinical trial such as:
- Misinterpreting Canadian cannabis laws and regulations
- Expensive inventory and high exposure to business interruption risks
- High fire potential and inventory spoilage
- and more…
Why Ontario and Canada are leading cannabis clinical trials
Insurance companies recognize that Health Canada fosters excellence in the management of clinical trials. Canada is recognized around the world for clinical trials excellence. The reasons for this include:
- Canada’s large and diverse population
- Mature regulatory environment
- Canada’s efficient application process
- Established medical infrastructure
- Prominent clinical trial research facilities and researchers
- Tax credits and research & development incentive programs supported by the Canadian government
Health Canada manages a streamlined, multi-step process for clinical trials. Managing risk and liability from clinical trials is part of the process and that’s why we work with some of the 65+ top Canadian insurance companies to secure cannabis clinical trial coverage options for our clients.
Related Matters: Canadian Medical Association: Cannabis
Non-cannabis clinical trial? Get coverage ALIGNED with us.
Each clinical trial is different, but ALIGNED can help get insurance for many tpes of clinical trials including, but not limited to:
- Blood cancers
- Diabetes – Type 1, Type 2, Pre-diabetes
- Infectious Disease
- Long Term Care
- Medical Devices
- Novel Therapies
- Solid Tumors
We’re here to help you find the BEST commercial insurance…
Our team of insurance brokers is available to help answer any and all questions you might have about all of our commercial insurance products. If you have a question about business insurance, are uncertain about what a particular insurance coverage term means, or simply want to find commercial insurance that directly aligns with your needs, don’t hesitate to call us toll-free at 1-866-287-0448.
It’s time to get your insurance aligned. Want Canadian business insurance that’s ALIGNED with your bottom line? We can help. 365. Call us toll-free at 1-866-287-0448.
We’re ALIGNED across Canada. The ALIGNED Insurance National Operations Centre in Cambridge, Ontario supports our Toronto, Calgary and Vancouver offices. We’re proud our industry peers consistently recognize ALIGNED Insurance as one of the best insurance teams in the country. We are also very proud to be one of the fastest growing insurance brokerages in Canada.
We deliver e-news you can use. Get practical business insurance insights in your inbox. 12,000+ people subscribe to our free ALIGNMENT Matters e-news. Just click the JOIN OUR DISTRIBUTION LIST button – at the bottom of our homepage – to connect and learn more about us.
365 | Get ALIGNED. Every day, Canadian business leaders follow our insurance insights via @ALIGNEDonRisk, on Facebook, LinkedIn and watch our YouTube videos here!