Pharmaceutical Industry

Pharma Industry Challenges Amid COVID-19 Pandemic

The pharmaceutical industry is one of the most vital industries in the world; discovering, developing, producing and marketing drugs and medication to help patients suffering from illnesses as minor as the common cold, to life threatening diseases such as cancer. Especially today, when COVID-19 is causing major global disruptions, the world is relying on pharmaceutical manufacturers to conduct research and development into a vaccine.

A study conducted by Deloitte found that the pharmaceutical industry is becoming the number one target for cybercriminals around the world. Because of the nature of the industry’s work, the type of information and data obtained by pharmaceuticals is extremely valuable and, as such, highly appealing to bad actors. It is not only financially motivated criminals that target the industry; state-sponsored groups are the most common perpetrators who aim to steal data in order to gain a competitive advantage. In an industry where innovation takes years, and costs millions of dollars, stealing intellectual property fast tracks competitors without them having to do any of the groundwork. And the current COVID pandemic means that pharmaceutical companies conducting related research or support need to be extra vigilant.

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