Life Sciences & Healthcare
Life Sciences & Healthcare
KPMG is well-equipped to support policy makers, providers, and payers as well as biotechnology start-ups and pharmaceutical companies.
KPMG is well-equipped to support policy makers, providers, and payers as well as...
Health systems around the world are facing unprecedented challenges that require policy makers, payers, providers, and suppliers to rethink how they work. Although healthcare is primarily organised within national geographies, the market trends tend to be global.
More specifically, the Luxembourg health system is based on the following principles: mandatory universal coverage of care by social health insurance, patients’ free choice of service providers, and direct access to specialists.
The Luxembourg health system is recognised as being one of the best in the world but it must continue tackling current challenges to remain competitive. The sector must address issues such as:
- changing demographics, constrained public finance, and an ageing population
- increase of chronic diseases and need for assessing and developing prevention programs
- raising citizen demand for quality care - need for a more comprehensive body of information and for assurance about clinical quality outcomes and associated costs
- increase of costs and change in finance, and reimbursement methods
- innovation in and digitalisation of care and data security
- mutualisation of activities for efficiency purposes
The life sciences industry is driven by increased demand for healthcare.
Since 2004, biotechnology and health sciences have been the Luxembourg government’s strategy to diversify Luxembourg’s economy and offer its population an innovative healthcare system. Substantial public investment and a supportive business environment have made Luxembourg an attractive destination for research and innovation projects.
The life sciences sector has been supported by the establishment, in 2008, of a strategic partnership between the national public research centres and three world-renowned US research institutes that has resulted in the founding of the Integrated BioBank of Luxembourg (IBBL), the establishment of the Luxembourg Center for Systems Biomedicine (LCSB) at the University of Luxembourg, and the launch of a lung cancer project with CRP-Santé.
In 2008, the Luxembourg BioHealth Cluster was formed by members whose activities are related to Health Sciences and Technologies, to help attain scientific excellence in molecular diagnostics and to enhance the Grand Duchy’s reputation as a recognised and attractive environment for biomedical research, development, innovation and business.
Life sciences in Luxembourg are facing several challenges:
- attracting and retaining a skilled workforce of researchers
- developing international strategic partnerships and alliances
- developing an attractive environment to establish Luxemburg as a recognised location for health, biotech, and research and development
- implementing an optimised infrastructure and building a functional environment for research
- fostering knowledge sharing
With deep industry experience, insight, and technical support, KPMG Luxembourg is well-equipped to support policy makers, providers, and payers as well as biotechnology start-ups and pharmaceutical companies. We are actively supporting them in meeting the ambitious goals laid down in 2004 to diversify Luxembourg’s economy vis-à-vis biotechnology and health sciences and to offer its population an innovative healthcare system.
Our local expertise is oriented around the following key areas:
- strategy and policy support
- business process modelling and optimisation
- finance management and cost control
- human resources management
- information governance, cybersecurity, and data privacy
- cloud computing and mobile technologies
- data and analytics
- tax incentives, grants and subsidies
- tax compliance services
- mergers, acquisitions and disposals
- valuation services
- accounting expertise and independent financial statement audits
Our local teams are supported by KPMG’s Global Healthcare and Life Sciences Centers of Excellence which help us make a difference for organisations seeking innovative approaches. The combination of our global mind-set and expertise with local prowess means clients get the best of both worlds – global insight translated into practical action.