This is a highly regulated industry, and as a result it is common for organizations to show higher risk maturity levels. Almost half of respondents indicated they had a pandemic plan in place prior to COVID-19, which is higher than the overall benchmark.
Nonetheless the pandemic impact has hit the industry in a few different areas, from supply chain to asset protection. Cost management was a significant priority for the sector; while organizations typically operate at high margins that are then reallocated to research and development, the pandemic has had an impact on their clinical trials and business strategy. Looking into the future, another health crisis is on the industry’s radar, but not just a pandemic-type event; new or accelerated lifestyle diseases, such as diabetes, can strain resources and supply chains. In addition, geopolitical changes such as Brexit are likely to impact organizations in this industry.
Full results
Health/Pharma/Life Sciences
Future Shocks
1. Economic disruption
2. Geopolitical tension
3. Another health crisis / pandemic
4. Technological disruption
5. A major cyber event
55%
18%
3%
8%
16%
Impact Severity
Our business has been severely impacted and will take significant time to recover
Our business has been impacted, but we are unsure of the long-term impact
Our business has been impacted, but has been resilient
Our business has remained steady during COVID-19 with little impact
Our business has thrived during COVID-19