Expectations of life sciences companies today include faster innovation, transparent drug pricing, and a greater purpose beyond profits. Some companies are hunkering down to weather the current economic storm. However, leaders are rethinking their operating models to ensure they can meet stakeholder expectations, anticipate threats, and capitalize on data-driven insights to win in the marketplace.
In this paper, KPMG professionals examine four primary signals of change and four strategic imperatives that represent the future of life sciences.
- Precision medicine is no longer aspirational. It is moving life sciences directly into the patient care continuum.
- Digital health is central to life sciences companies’ ability to introduce new innovations that meet consumer expectations for better healthcare experiences.
- Artificial Intelligence and Machine Learning are improving R&D and MedTech development, although security measures are crucial for harnessing their full potential.
- Critical risks persist including supply chain, cyber breaches, and counterfeiting.
- Design tech-enabled, customer-centric experiences to meet the needs of payers, providers, and patients.
- Develop AI partnerships with a range of AI companies -- from focused startups to Big Tech -- for faster time to market.
- Rethink the supply chain to enable more connected customer experiences, support novel therapeutics and precision medicine, and mitigate the risk of disruption.
- Manage cyber risks associated with emerging technologies from AI and ML to cloud and the Industrial Internet of Things.
KPMG Connected Enterprise
KPMG professionals can help you harness technology to build a connected enterprise. That's an enterprise where your front, middle, and back offices are aligned. An enterprise where you're more connected with your customers, employees, and business partners. An enterprise that enables you to respond quickly to market signals and pivot to help seize opportunities as they arise.
KPMG Connected Enterprise is a digital transformation approach, that is industry-specific and customer-centric. It helps focus the critical processes, functions, and relationships of a business when it comes to meeting customer expectations, creating business value, and driving sustainable growth in a digital world.
Organizations that invest purposefully in these capabilities are twice as likely to meet customer expectations, achieve their objectives and deliver return on investment.
You can discover how connected your organization is by using our diagnostic tool. It assesses you against industry best practice and highlights the opportunities and challenges that may affect your ability to become a connected enterprise.
Learn more about KPMG firms' life sciences practice or contact a KPMG professional who is ready to help you address new challenges and drive growth.