CHENNAI: 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.
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