With the global pandemic, the life sciences industry experienced a surge in innovation and capability expansion to meet unprecedented challenges. Today, the industry faces a new set of challenges including inflation, talent shortages and supply chain constraints. In this paper, KPMG subject matter professionals acknowledge these challenges and discuss the trends they are observing in the market as organizations find ways to re-balance cost and growth without sacrificing innovation. Some of the steps suggested by the authors about how to re-balance cost and growth include:
- Assessing your business
- Building your future organization
- Reconfiguring your R&D, operations and commercial teams to maximize impact
- Understanding profitability at each future acquisition
Moreover, the paper provides insights into how life sciences organizations can begin to move towards rediscovering profitable growth in this time of stress for the industry.