Life Sciences

Life Sciences
Industry Overview

Life Sciences

Accelerating Innovation in an Increasingly Volatile Sector

From early-stage biotechnology start-ups to large multinational pharmaceuticals, the life sciences industry relies on innovation to meet shifting demands in health and improve treatment outcomes around the globe. However, emerging and established risks force organizations to operate in a volatile environment. While navigating research and development challenges, supply chain impacts and barriers to commercial sales, businesses also find themselves swept up in the fight for talent.

Finding new ways to cost-effectively manage risk and attract and retain a digitally-savvy workforce will accelerate innovation to create greater efficiencies, develop personalized medical treatments and access new markets. But with ever-evolving regulation, governance and production interruptions impacting the pace of progress, businesses across this sector must be resilient, investing in end-to-end solutions for their risk and human capital, as well as workforce health and wellbeing to protect vital talent.

Life Sciences

Top 5 Current Risks

According to our latest Global Risk Management Survey, the biggest risks facing the Life Sciences industry include:

  • 01

    Supply Chain or Distribution Failure

    Supply chain risk is broadening and becoming more complex, extending well beyond keeping shipping vessels moving or suppliers’ manufacturing facilities intact.

  • 02

    Cyber Attack or Data Breach

    Cyber attacks are, and will remain, a top risk across all geographies and industry sectors. All leaders need a cyber game plan.

  • 03

    Business Interruption

    Previously, companies planned for isolated events. But the risk landscape is now more interconnected than ever before.

  • 04

    Regulatory or Legislative Changes

    Uncertainty about upcoming regulatory changes affects business confidence, and companies active in multiple jurisdictions must track and comply with a wide variety of complex laws and regulations.

  • 05

    Failure to Attract or Retain Top Talent

    Companies excel when they have the best possible talent in each role, from the C-suite to the front line. An inability to fill these slots and retain top-performing employees can have serious repercussions.