💻 Worsening Data Breaches + Europe Health Tech 200
Despite the increase in funding and policy, the occurrence of healthcare-related data breaches is on the rise.
Happy Monday 👋
Despite the increase in funding and enacting policies, the occurrence of healthcare-related data breaches is on the rise. This underscores the complexity of safeguarding sensitive medical information in an increasingly digitized landscape. In the Health Tech landscape, we revisit the 2023 Europe Health Tech 200, which highlights the region's most promising startups in the health technology sector.
This Week's Topics
- 📊 Charts Spotlight. Frequency and impact of health cybersecurity attacks worsen
- 📈 China Biotech Index. Down 27% over the past 12 months
- 🏆 Europe Health Tech 200. Europe's most promising startups working in digital health, biotech, drug discovery, and analytics
- 📖 Annual Health Tech Outlook. 190+ pages of trends, insights, and data
- 💰 Health Tech Deals of the Week. Funding, M&A and IPOs
Don't forget to check out the 2024 Global Health Tech Outlook, and sign up for our Daily Newsletters, Chart of the Day, and Impact Capital Markets. For unlimited access to over one million charts, request a demo.
📊 Charts Spotlight - Frequency and Impact of Health Cybersecurity Attacks Worsen
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Data breaches have become increasingly commonplace in the current health landscape. In 2023, 725 data breaches were recorded to have exposed at least 500 patient records in the US, the highest over the last 11 years. Since 2009, there have been several notable data breaches, such as the Anthem data breach in 2023 which exposed the health records of nearly 80M Americans. The attack on Change Healthcare, a subsidiary of UnitedHealthcare, halted payments for many US healthcare facilities as the company handles a third of patient records. On average, the attack cost healthcare providers more than $1B daily throughout the outage, highlighting the worsening impact of these attacks.
Despite the increasing emphasis on establishing policies and practices to improve cybersecurity, hackers found more success in gaining access to these organizations. The median for the number of patient records accessed exceeded 5,000 in 2023, more than triple the impact a decade ago. If policymakers and organizations seek to reverse the current trend, they need to shift to a more proactive approach. Most cybersecurity policies are reactionary and built to prevent attacks that have occurred historically. While most organizations are set to increase cybersecurity spending in 2024, it is yet to be seen whether this will result in better protection outcomes for healthcare organizations.
📈 Capital Markets - China Biotech Index
HolonIQ tracks thousands of listed health companies around the world, as well as acquisitions and investment transactions. Soon, we will launch a range of stock indices to track the daily performance of over 10 different sectors across Health Technology.
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HolonIQ's China Biotech Index declined by 28% year-over-year, following a deeper slump in February. Major players like WuXi AppTec witnessed notable drops. US restrictions on government contracts and an anti-corruption crackdown across healthcare (pharma, institutions, and funds) exacerbated the decline and triggered stock selloffs, particularly impacting WuXi AppTec. While the crackdown holds potential for long-term affordability and improved patient care, it also injects uncertainty for industry participants.
🏆 Europe Health Tech 200
The Europe Health Tech 200 is HolonIQ’s annual list of the most promising startups working in digital health, biotech, drug discovery, and analytics in the region.
The European cohort witnessed substantial financial activity over the past month. Relation Therapeutics (a UK-based drug discovery platform for bone-related diseases) raised $35M in Seed funding to advance its AI-based platform. Alithea Genomics (a Swiss genomic firm that focuses on RNA sequencing and transcriptomics) obtained $3M in seed funding to enhance commercialization and manufacturing efforts. Aktiia (a Swiss company that manufactures blood pressure monitoring devices) secured $30M in Series A funding to incorporate AI into the device.
📊 2024 Global Health Tech Outlook
HolonIQ's annual analysis of the evolving Health Tech landscape offers over 190 pages of in-depth insights on market data, investments, strategic shifts, and trends in healthcare services, pharmaceuticals, biotechnology, and medical hardware. Download the extract or purchase the full report.
💰 Health Tech Deals of the Week
HolonIQ actively monitors and tracks deals in the Health industry, spanning across all regions of the world. Subscribe to our daily Impact Capital Markets newsletter to peruse the top deals for each day.
Funding
🧠 Engrail Therapeutics, a US precision neuroscience company, closed a $157M Series B led by F-Prime Capital, Forbion, and Norwest Venture Partners to develop therapies for anxiety, depression, PTSD, and neurodegenerative diseases.
💊 Spyre Therapeutics, a US-based biotech firm innovating next-gen inflammatory bowel disease treatments, secured $180M in PIPE funding to bring its product to market and to finance its pipeline of therapies.
🔪 Carlsmed, an AI-enabled personalized surgery MedTech company, raised a $52.5M Series C led by B Capital and U.S. Venture Partners to introduce Aprevo, a device for spine fusion surgeries, to the market.
🦴 Relation Therapeutics, a UK-based biotechnology company, raised $35M Seed led by DCVC and NVentures to advance its osteoporosis pipeline and explore new high-need therapies.
🎗️ Pi Health, a US-based platform aiding oncology clinical trials, raised $30M Series A led by AlleyCorp and Obvious Ventures to grow global partnerships and enhance software to produce learner-based data.
💔 Flosonics Medical, a Canadian medical device company, secured a $20M Series C led by New Leaf Venture Partners to market its product FloPatch, a wearable Doppler ultrasound for hemodynamic assessments.
M&A
🎗️ AstraZeneca has entered into a definitive agreement to acquire Fusion Pharmaceuticals, a Canadian oncology company developing radioactive drugs for cancer treatment.
IPOs
📱 Auna, a Peru-based company that offers remote consultation services with doctors, plans to raise $420M through an IPO.
🧬 TC BioPharm, a clinical-stage cell therapy company, announced that it plans to raise $2.4M through a follow-on equity offering.
🧪 BYND Cannasoft, a cannabis-tech firm, announced that it raised $7M through an IPO.
💡 Innocan Pharma, an Israeli cannabinoid (CBD) drug discovery platform, announced that it raised $2M through a follow-on equity offering.
Thank you for reading. Have a great week ahead!
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