The purpose of the Finnish Co-operative for Pharmaceutical Injury Indemnities is to take out a pharmaceutical insurance for its members.
Most of the members are pharmaceutical companies but other manufacturers of medicines, including pharmacy and hospital representatives, can also join the Co-operative. The members are responsible for the Co-operative expenses in proportion to their membership shares.
The Co-operative's largest expense item is the insurance premium related to the insurance for medicines-related injuries.
The Co-operative purchases the pharmaceutical insurance from the Finnish Mutual Insurance Company For Pharmaceutical Injury Indemnities. Acting on behalf of the Co-operative, the Finnish Mutual Insurance Company For Pharmaceutical Injury Indemnities is also in charge of the claims handling related to the pharmaceutical insurance.
The insurance for medicines-related injuries taken out by the Co-operative for its members entered into force in 1984. Today, the insurance has a history of a quarter of a century.
During the last yearrs the premium payable for the pharmaceutical insurance has been around 4,8 million euros.