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2023 KPMG US Life Sciences Sector Insights Report

Life sciences companies are sophisticated business organizations with high levels of scientific knowledge. But many are still striving to ensure that the technology supporting their back office measures up to the same high standards set in their research laboratories.

Meticulously Ambitious

In May and June 2023, KPMG surveyed 400 US-based executive-level technology leaders across 8 industry sectors with annual revenue above $100 million. The 2023 KPMG US Technology Survey Report explored technology leader views on emerging technology goals, adoption, scale, roadmaps and outcomes. This life sciences industry report highlights the most significant differences in the survey findings for the technology leaders in the life sciences sector relative to all sectors represented in the survey.

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2023 KPMG US Life Sciences Sector Insights Report

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Key findings

Life sciences companies are sophisticated business organizations with high levels of scientific knowledge. But many are still striving to ensure that the technology supporting their back office measures up to the same high standards set in their research laboratories.

According to the survey, much like their counterparts in other industries, a majority of life sciences executives believe their organization will be able to achieve its business and organizational ambitions using its existing technology. That favorable outlook is offset, however, by other findings showing the sector lagging on several technology-related fronts.

  • Life sciences executives report being less likely than most to say their organization is proactive in progressing against its strategy and continually evolving in four key technology-related areas: AI/automation, cybersecurity, data and analytics, and emerging technologies.
  • Among companies in all sectors that have seen an increase in profitability or performance from their investments in data and analytics, life sciences companies are notably more likely to have experienced improvements in innovation (55 percent versus 31 percent) and employee satisfaction levels (64 percent versus 45 percent).
  • In the survey, life science executives report being more likely than those from any other sector to see the ability to identify valuable data insights in vast datasets as an essential attribute for organizations to thrive in a digital economy (51 percent versus 36 percent).
  • Life sciences executives are far more likely than others, for example (52 percent versus 36 percent) to say their company is prioritizing AI/machine learning, including generative AI, as a result of customer feedback.

2023 KPMG US Technology Survey Report

An uncertain business landscape has not knocked the digital transformation journeys of US enterprises off track. The 2023 KPMG US technology survey demonstrates how laser-focused digital acceleration and investments are enabling US businesses to capitalize on technology’s promise, even as they navigate economic, geopolitical, regulatory, and customer volatility.
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You can’t have a five-year roadmap anymore. Companies need to figure out where they are on the technology maturity scale, identify the critical points they need to address, and then move to the next level in a very short period of time.

Steve Sapletal

Principal, Advisory and Life Sciences Leader, KPMG in the US

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Our professionals immerse themselves in your organization, applying industry knowledge and innovative technology to deliver sustainable results. Whether it’s helping you lead an ESG integration, risk mitigation, or digital transformation, KPMG creates tailored, data-driven solutions that help you deliver value, drive innovation, and build stakeholder trust.

Image of Steve Sapletal
Steve Sapletal
Principal, National Life Sciences Advisory Leader, KPMG US
Image of Ash Shehata
Ash Shehata
Principal, National Sector Leader for HCLS, KPMG US

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