In such a dynamic time as today, a business entity’s short- and long-term success depends on its own market-specific adaptability. Many decision-makers in the life science and chemical sector see market disruption as both an opportunity and a risk for their business entity. In this context, digital transformation is seen as a guarantee of success for the future, but here too, a holistic 360° view is required in advance.

Five challenges define the new reality in the life science and chemical industry

If we look at the life sciences and chemicals sector in detail, five overarching challenges for business entities emerge.

  1. Differentiated customer and patient expectations around digital medical devices and services. The demographic shift of the customer base towards the digital native customer is a long-term process that is gaining great importance in times of wide-reaching contact restrictions.
  2. Inevitable shift to digital communication and interaction channels. Business entities should proactively drive the adoption of digital channels while bridging the gap between comprehensive data security and intelligent data processing.
  3. Increasing recognition of the economic relevance of digitalisation and automation measures in production processes in the chemical and pharmaceutical industries. Statutory contact restrictions should not affect business operations.
  4. Lengthy development and launch process for new drugs and therapies. The main issue here is to adopt new regulations and standards of the healthcare system and at the same time to remain competitive.
  5. The uncertain demand development of the core sales divisions for the chemical industry (e.g. automotive industry) requires the extensive development of new digital business models.

Our recommendations for proactive action in the life science and chemical industry

  • Creating value through technology – One of the key drivers of long-term success in the life science and chemical industries is the use of digital and disruptive technologies. Investments in nanotechnology, artificial intelligence, and the industrial internet of things enable business entities to take a leading position in the innovation competition.
  • Positioning the digital ecosystem as a key enabler of the business model – The current situation is driving the increasing need to anchor the digital ecosystem expansion as an integral part of the business strategy. A digital platform and ecosystem focused on the range of products offered enables life science and chemical business entities to deliver customised services to their customers in real time.
  • Leveraging change management to raise awareness about digital transformation – With the goal of increasing acceptance, business entities must actively motivate and empower their own workforce through change management initiatives to acquire the expertise necessary for digital transformation, while also working on a future-oriented talent strategy.
  • Our expertise allows us to help your business entity with a wide range of digital transformation topics:
  • Strategy development – IT strategy, business technology strategy, cloud strategy, IT talent strategy
  • IT M&A and IT carve-out support – Preparation and evaluation of the targeted IT M&A project and support with post-merger integration activities
  • Development of change management initiatives – Approaches to increasing acceptance of digital transformation internally
  • Technology benchmarking and implementation – Customised assessment and advice on relevant technology topics such as advanced data analytics or the industrial internet of things
  • Business model alignment – Strategic realignment optimisation approaches for a digitally driven target operating model

We are happy to support your business entity in digital transformation to help you set your business entity up for the future.

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