Emerging risks in the life sciences industry and how to defend against them

Prior to COVID-19, life science companies anticipated playing an even greater role in strengthening the middle market. But with new growth comes new risks. (Photo: Fotolia)

The life sciences industry is a significant contributor to U.S. and Canadian economic growth and job creation. Primarily comprised of pharmaceutical, medical device, biotech, and dietary supplements companies, the middle-market life sciences industry has a revenue growth rate and employment growth rate well above the national average.

According to a new report from Chubb, in the 12 months between February 2019 and February 2020, middle-market life sciences companies collectively posted a healthy revenue growth rate of 6.9% and created new jobs at a rate of 6.6%. The U.S. middle-market employment growth rate was 5%.