In life sciences, the future belongs to companies best able to leverage technology throughout the value chain.
Already before Covid-19, accelerating digital transformation – and increased competition from the likes of technology giants – were changing life sciences. Robotic process automation, AI solutions, and remote working strategies are just three examples of new opportunities – as well as challenges. Implemented well, they enhance everything from supply chains and human capital management, product R&D and production, to customer and employee satisfaction. However, getting it right involves clear, data-driven insight and expertise that answers questions surrounding what new technologies to implement, as well as when and how to apply them.
Covid-19 has showcased how regulatory processes and compliance schemes can move faster than has traditionally been the case. While patient and test participant safety should remain pivotal, the crisis has shown possibilities for updates to the processes that may reduce future time-to-market. Not all existing industry supply chains, nor solution development and production programmes, would be able to leverage such changes. Optimisation of product pipelines and supply chains also calls for new care paid to data security.
Like many other projects in a post-COVID world, integration of new technologies, and adapting to potentially shortened product pipeline times, may be new to companies’ executive management groups. Business innovation and technological innovation need to go hand in hand but developing either comes with possible pitfalls. How, where, and when should our company integrate AI-based solutions? Does it come with financial and tax-related challenges or opportunities? What does a change toward more telehealth services mean for existing solution portfolios? How can opportune plays for innovative start-ups or other types of strategic M&A help reaching your overall strategy and goals?
Our global network of industry experts is standing by to help find the optimal answers to such questions. BDO’s global network of life science experts offers a wide range of services aimed at assisting companies with realising their business’ full potential. Thanks to our presence in over 160 territories, we have a unique ‘globally local’ DNA that will help your company succeed – wherever you are active.