To extend the value of its digital breakthroughs, the life sciences sector should rectify some of the weaknesses affecting its business models and technology decision-making processes.
At KPMG, we predict the future of life sciences will likely be shaped by tech-enabled connectivity, strategic uses of AI, and patient-centric supply chains. Globally, the life sciences sector is working on improving operations and creating new value by transforming digitally. But the innovation efforts of those in the sector face tough headwinds that include economic conditions, organisational performance, geopolitics and the competition for talent.
In a highly regulated sector where companies are often fragmented and siloed, transforming at scale can be difficult. By examining the perspectives of 123 life sciences technology leaders from around the world (based on a comprehensive survey of 2,450 technology function leaders, including chief digital officers, CIOs, CTOs, CISOs, chief AI officers and other executives from 26 countries, across 8 industries) this report provides valuable insights into how organisations are balancing speed, security and value.
This content also compares life science tech function decision-making against previous year’s results, and a cross-sector average. KPMG life sciences technology specialists also weigh in on the findings and provide their own unique perspectives.
Our research finds that life sciences tech leaders are racing to make the most of advanced technologies, but siloed, decentralised teams and historical underinvestment in data management are limiting the benefits. There should be a balance between keeping up, and applying a strategic approach to extracting genuine value from tech.
It is essential to navigate the hype using evidence-based decisions, find solutions that are resilient, and scale new tools such as AI safely and responsibly.
