Life sciences industry taps managed services for core operations
Managed services aren’t just for the back office anymore. In fact, companies say that in coming years, the model will deliver the most value in core, differentiating operations—not in routine, day-to-day activities.
But the life sciences industry isn’t waiting.
According to a KPMG global survey, life sciences companies are already using managed services in knowledge-intensive areas like pharmacovigilance, which can be key to competitive advantage.
Core operations like pharmacovigilance are one of the top three areas where life sciences companies expect the most value from managed services—both today and in the future. They also expect high value from managed services in innovation, research, and development (R&D), and product development.
The lifeblood of life sciences
Executives say managed services are becoming essential for criticalz, defining processes1
|The top three areas of managed services value today:||The top three areas of managed services value in the near future:|
The findings suggest that life sciences companies have learned to capitalize on the capabilities of leading managed services providers—even for processes traditionally considered sacrosanct.
The most capable service providers combine human expertise with technology, data insights, and leading practices—all packaged in an as-a-service subscription with predictable costs and strategic outcomes.
Those outcomes are both financial and operational. In the KPMG study, nearly all life sciences respondents said they expect financial benefits from using managed services at scale, with more than a third of them anticipating gains of 6 percent to 10 percent in revenue, profit, and working capital.
On the operational front, more than 75 percent said they anticipate significant gains in customer satisfaction, supply chain efficiency, employee satisfaction, and compliance.
Facing ever-changing regulations, technologies, and customer needs, life sciences companies want nimble, scalable operating models for sustained advantage. And they’re using managed services to help create them.