EXPERT VIEW: Pharmaceutical firms “can’t keep ignoring information risk”

Knowledge is the lifeblood of the pharmaceutical sector. From raw experimental data to complex chemical formulae, from carefully regulated drug trials to patented IP (intellectual property) – without information the industry couldn’t survive, writes Phil Greenwood, director, information management and business outsourcing at information management firm Iron Mountain.

It wouldn’t have the robust evidence base it requires to confidently launch safe and effective new medicines, or to meet the increasingly stringent demands of the regulator, or to protect organizations in the sector against legal action. The development cycle for new drugs takes years and is growing more expensive. Consequently, any loss, damage or exposure of information that is, inevitably, highly sensitive and confidential could irrevocably damage that process and the put the organisation at risk. The understanding and management of information risk is, therefore, vital to the long-term health of Europe’s pharmaceutical sector.

It is worrying that research now suggests that, just at a time when data volumes are exploding and market conditions have never been tougher, Europe’s pharmaceutical sector has not yet committed to taking information risk seriously, says Mr Greenwood.