2023 KPMG US Life Sciences Sector Insights Report

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.