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Welcome to our exclusive Thought Leadership on GenAI, the cutting-edge technology that is revolutionizing the Life Sciences industry. 

We continue to strive to keep you informed on the latest business and technology trends through our curated KPMG insights. In this exclusive issue, we explore the opportunities and challenges that GenAI presents to the Life Sciences workforce.

This issue features: 

Increasing popularity and potential workforce disruptions: Although GenAI technology has been around since the 1970s, recent advances have made it more disruptive than ever before. Life Sciences firms have been quick to adopt this technology, but it will require employees to upgrade their GenAI skills, and companies to educate and train their workforce to realize efficiency gains. While the road to adoption may be risky, taking proactive approaches to humanizing AI and augmenting job roles is the way forward.

Skill shift and automation & augmentation of jobs: The integration of GenAI into Life Sciences business functions is expected to enhance operational efficiencies and boost productivity. However, it is important to note that GenAI cannot replace the human touch, such as in critical thinking and creativity. KPMG's 'Job Automation Outlook' has mapped out key roles in the Life Sciences sector and highlighted those that may undergo a rapid skill shift due to GenAI. While the degree of automation will differ across roles and may be delayed by regulatory requirements, the industry is likely to witness an evolution of job roles rather than their elimination.

Evolution of the workforce of the future: The impact of GenAI on the Life Sciences industry is expected to be transformative. However, companies must take proactive steps to upskill and reskill their workforce to effectively leverage these advantages and remain competitive. Adopting a multi-dimensional and strategic skills framework will be essential in developing cross-disciplinary competencies, and an evolutionary mindset will be crucial for future success. Therefore, a transformational enterprise strategy that combines GenAI, risk management, and workforce strategy is needed to drive sustainable growth and value.

This is the first in a series of Thought Leadership pieces on the evolution of the Life Sciences sector, curated by our KPMG Life Sciences sector and Advisory experts.