Few industries have greater promise than the life sciences industry, where cures for devastating diseases like cancer loom on the horizon.
Principal, Advisory, KPMG US
Just in the past year, researchers have identified another patient likely cured of HIV after receiving transplanted stem cells containing a virus-defeating mutation. Examples like this point to a bright future for life sciences organizations, but capitalizing on the opportunity will require ongoing investment in digital transformation not just in research laboratories, but across the enterprise.
KPMG has identified three key ways life sciences companies can speed their digital transformation agenda and extract maximum value from it — for themselves and the people depending on their innovative agendas.
First, embrace a partnership approach to digital transformation. With so much changing so fast on so many fronts, no company can hope to navigate digital transformation on its own. Success will depend on working with a diverse ecosystem of partners that, in addition to the usual suspects (e.g., contract research organizations, contract manufacturers, consultants, tech vendors), might include academics, futurists, and businesses from other industries.
These nontraditional partners can bring fresh points of view to the challenge of digital transformation. They also can help provide the financial and intellectual capital companies need to create innovative and open ecosystems of healthcare products and services and gain first-mover advantage.
Second, develop a robust data architecture and data ecosystem built not just around internal data, but also data from an array of external partners, including product distributors, healthcare providers, and even large-scale technology providers. Life sciences firms can harness that data to inform product development and decision-making.
Finally, keep cybersecurity at the forefront of digital transformation strategy. Cybersecurity is viewed as critical by customers, business partners, investors, and other stakeholders, and without their trust, life sciences firms will struggle to win their support and achieve their goals.
How KPMG can help
For more of our innovative thinking around digital transformation, visit our Life Sciences Technology Blog Series. Or click here to learn how KPMG can help your organization capitalize on your industry’s bright future.