From vaccine testing and production to care access and delivery, every facet of the Life Sciences industry was forced by the pandemic to adapt at speed and scale. Critical business processes such as clinical development, manufacturing and supply chain had to evolve to meet unique pandemic challenges and financial realities. Yet while the pandemic boosted market volatility, Life Sciences companies are well attuned to rapid change. In response to the pandemic, national regulatory environments demonstrated unprecedented flexibility, and the constant bubbling of scientific discovery can turn promising clinical avenues into dead ends overnight. Responding to change is embedded in the fabric of the industry.
Moreover, the sector is no stranger to pulling in advanced technologies to solve business challenges. It was years of artificial intelligence (AI)-powered research into Messenger RNA that allowed Covid vaccines to roll off production lines so swiftly. And the ongoing application of advanced data strategies enables firms to accelerate time-to-market for new products—whether they be the latest wonder drug or a next-generation MRI machine—and to repurpose old products or prior areas of scientific investigation.
But at its core, Life Sciences is an industry that still has many opportunities to improve, as Economist Impact research supported by Cognizant demonstrates. Moving fast is a boon in some areas, such as product development, but stifles others, such as trickling down corporate strategies across the business. Indeed, organizational alignment, and the need to trickle down top-level strategies, top the list of business challenges in the sector. Both are tough to do when moving at speed and reacting to change.
Maintaining data dominance with intelligent implementation of tech
Respondents were asked what technologies and methodologies their business has already adopted, or is planning to adopt. (Percentage of respondents who advised they have adopted or are planning to adopt each technology)