Pharma firms ramp up investment in security products to secure critical data

Finds GlobalData

Pharmaceutical companies require efficient technologies such as Internet of Things (IoT), cloud computing, artificial intelligence and big data to manage information that is vital to the development and production of successful drugs. As a result, pharmaceutical firms are increasing their investment on various security products to prevent breaches, protect patient data and secure sensitive information, according to GlobalData, a leading data and analytics company.

According to GlobalData’s survey, 79 per cent of pharmaceutical companies are currently making investments in identity and access management (IAM) solutions and 72 per cent of companies are considering investment in the solutions over the next two years.

Siddharth Kumar Tiwari, Technology Analyst at GlobalData, explains: “Investments in IAM solutions among pharmaceutical companies are driven by the need to manage electronic user identities and ensure data privacy while avoiding any misuse of critical business information.”