The report draws on findings from a 2024 survey of approximately 2,450 technology leaders.
The life sciences industry — one of the most sophisticated yet highly regulated sectors — has always been on its toes, striving to improve operations and create new value to meet ever-evolving demands and ensure its own survival. Therefore the sector, which broadly includes research, development, manufacturing and supply of human, plant and animal life and health support products, has been at the forefront globally working on new value creation by transforming digitally.
A recent industry report released by multinational consultant KPMG, surveying several tech function leaders in the industry, revealed that 73 percent think artificial intelligence (AI) will revolutionise industry practices, significantly enhancing efficiency and creating new business models.
The KPMG Global Tech Report: Life Sciences Insights explores how life sciences organizations are navigating the complexities of digital transformation. It focuses on how they balance speed, security, and value creation from their technology investments.
The report draws on findings from a 2024 survey of approximately 2,450 technology leaders. This includes 123 senior life sciences technology function leaders, representing 26 countries across eight industries.
Globally, the life sciences sector is working on improving operations and creating new value by transforming digitally. In a highly regulated sector where companies are often fragmented and siloed, transforming at scale can be difficult. For these reasons, it can be helpful for tech function leaders to compare their decision making against their peers in the sector and other industries.
Key findings:
- 63 percent say that risk aversion by their organizations’ senior leadership teams is delaying digital transformation journeys — making life sciences the sector most likely to cite this concern.
- Only 59 percent say their tech investment decision-making processes usually result in sound decisions that lead to valuable outcomes.
- 73 per cent think AI will revolutionise industry practices, significantly enhancing efficiency and creating new business models.
- 40 per cent of life sciences tech leaders are planning to balance legacy systems and new tech, which is 14 percentage points higher than the cross-sector average.
- Life sciences leads all industries surveyed in prioritising and investing in edge and quantum computing, VR/AR/XR, spatial computing, XaaS technology and modern delivery.
“Many companies in the life science sector are embracing Digital transformation to accelerate innovation and bring products to market faster. However, transformation initiatives come at a cost and organizations are increasingly mindful of their impact on margins,“ says Vijay Chawla, Partner and Head – Life sciences, KPMG in India.
A key insight that this survey provides is that a siloed and fragmented approach to transformation often results in higher costs and inefficiencies. In that context, this report provides guidance to help companies make more strategic and cohesive investments in critical areas such as data, AI and cyber security ultimately enabling more effective and sustainable digital transformation, he added.
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Foto: Representational image ANI
