With the beginning of summer next year, not only temperatures will rise, but possibly also temperaments, as the European Union’s new data protection law takes effect. The highly tightened measures to protect personal data will mean that companies worldwide have a lot of adjusting to do.
Like most new regulations, the General Data Protection Regulation (GDPR) requires preparation, especially in light of the extensive penalties for those who do not manage their privacy compliance properly. Additionally, non-compliance and problems with data protection severely increase the risk of tainting a company’s image.
As a result, those companies who prepare early and adjust their data protection regulations according to GDPR standards, will not only maintain their image, but in the long run will also dominate the market.
How is the life sciences sector impacted?
Of all industries, the GDPR will impact the life sciences especially hard. Why? Most companies in the life sciences industry, including biotech, pharma, medtech, CROs and suppliers, handle patient information such as health and genetic data,