The future of the healthcare industry will be shaped by a range of disruptive themes, with cybersecurity being one of the themes that will have a significant impact on healthcare companies.
Cyberattacks are especially dangerous to healthcare, given the sensitive and personal nature of health data. Weak cybersecurity measures expose companies to serious risk. Victim companies suffer operationally, as systems are rendered unusable; reputationally, as customers lose trust; and legally, as ever-stricter regulators seek to punish. Pharma companies have proprietary scientific data and intellectual property, medical devices companies develop connected devices, and healthcare companies collect and utilise patient data. Breaches in healthcare and pharma cost more than those in almost any other industry.
In response to this threat, healthcare cybersecurity investment is growing. Between 2020 and 2025, cybersecurity spending by healthcare providers and payors is forecast to grow at a compound annual growth rate (CAGR) of 8.1% from $4.59bn to $6.77bn. In the same period, cybersecurity spending by pharma will grow at a slightly lower rate, 7.4%, from $2.1bn to $3bn. Medical device spending will grow at a rate of 7.3% from $869m to $1.2bn.
However, not all companies are equal when it comes to their capabilities and investments in the key themes that matter most to their industry. Understanding how companies are positioned and ranked in the most important themes can be a key leading indicator of their future earnings potential and relative competitive position.
According to GlobalData’s thematic research report, Cybersecurity in Healthcare, leading adopters include: Abbott, AstraZeneca, Battelle, Cardinal Health, Centene, Johnson & Johnson, Novartis, and Pfizer.
Insights from top ranked companies
As well as standard, comprehensive cybersecurity measures, AstraZeneca aims to tackle cybercrime by supporting enforcement measures against the selling of counterfeit drugs. Stolen information is often used to make and sell counterfeit products; it claims that 700,000 deaths from malaria and tuberculosis alone are due to counterfeit drugs. AstraZeneca also accused Russia and North Korea of attempting to steal information on its Covid-19 vaccine.
Pfizer’s cybersecurity approach involves maintaining a global security policy, staff awareness training, asset discovery, and management and organisation. Pfizer also reported increased attacks during Covid-19 vaccine development.
Novartis used Cohesity for data management, which offers cybersecurity and ransomware recovery measures. Novartis suffered a cyberattack by Industrial Spy in June 2022 but did not lose any sensitive data.
To further understand the key themes and technologies disrupting the healthcare industry, access GlobalData’s latest thematic research report on Cybersecurity in Healthcare.
- Novo Nordisk
- Gilead Sciences
- Boehringer Sohn
- Astellas Pharma
- Thermo Fisher Scientific
- Daiichi Sankyo
- Dr. Reddy's
- WuXi AppTec
- Charles River
- Innovent Biologics