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Increasing Economic and Business Risks Will Transform the Global Life Sciences Industry
Date:3/9/2009

ring patents, high cost of research and development and in some cases, plummeting stock prices, have plagued the industry for the past decade, forcing life sciences companies to dramatically rethink their business models to survive in the next decade," said Robert Go, DTT Life Sciences and Health Care Industry group leader. "To thrive in the long run, companies cannot simply depend on future returns from new products in their pipelines. As they wake up to new market realities, they must tackle their challenges and address risk in a fundamentally different way, frequently requiring significant transformation."

While many respondents agreed some kind of change was necessary, life sciences executives were surveyed about the changes that must occur for their companies to address future risks and how they will make these changes to key areas.

According to the survey results:

  • One in four respondents believes that their entire company will have to change to face future risks; more than three-quarters recognize that their companies will have to undergo a major transformation, at least in some parts of the organization.
  • Thirty percent of executives surveyed from pharmaceutical R&D companies say their companies will have to change completely to face future risk.
  • In Western Europe, where markets have experienced slow growth since 2001, 31 percent of responding executives call for a complete makeover of their companies.
  • Eighty-two percent of executives surveyed from biotechnology companies say that major changes will be needed in some or all parts of their company to address future risk.
  • In the United States, nearly one in five survey respondents predict that their organizations will have to undergo a wholesale transformation to address future risk.
  • Outsourcing will also become more critical with 44 percent of surveyed ex
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SOURCE Deloitte
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