At BDO, we have framed our thinking for recovery around the Rethink model with three phases, React, Resilience and Realise.
Life Sciences companies were confronted with a need to increase innovation speeds already before Covid-19 struck. Now, and in a post-COVID world, industry leaders will seek to accelerate digital transformation to meet changing customer demands and increased competition from other sectors.
Sub-sectors are experiencing different effects in the fallout from the global pandemic. For example, some are seeing a rapid increase in interest and uptake in business activity which necessitate funding for growth and potentially M&A activity. Others need to rapidly raise capital to stabilise cash flows and increase liquidity. All must address and realign supply chains and business models, as well as related financial and taxation matters, to meet a new reality. Throughout, the importance of well-structured and analysed data for timely, informed decision-making within fast-changing business environments is increasingly apparent.
Internally, new technologies and digital transformation continue to be prime focal points for life sciences companies from newly-launched start-ups to the largest conglomerates. Taking advantage of new business opportunities, such as increased demand for online healthcare services, may require pivots, altering direction or making strategic M&A moves to meet changing customer demands, boost innovation and transform existing business models. Finding the right balance between sustainable growth, scaling, and disruptive innovation presents unique challenges in an industry space that has traditionally been characterised by time-consuming R&D and product approval processes. The likes of the Internet of Things, AI, and robotic process automation are, to some degree, changing that. Knowing how, where, and when to invest in new technologies is one of the areas where BDO assists companies with identifying challenges and opportunities.
BDO provides solutions and services tailored to each company’s situation. Whether you are a biotechnology start-up or an established pharmaceutical conglomerate, the starting point is your organisation’s situation, outlook, and needs. With a keen eye for the continually evolving business environment for life sciences, we know the challenges and complexities that affect your business and how to help you streamline operations. We are the optimal partner to help your company react to the current crisis, build up resilience toward future challenges and realise your company’s full potential.