Strengthening the life sciences with GenAI

Welcome to our exclusive thought leadership on GenAI, the pioneering technology that is revolutionising the life sciences industry.

We remain committed to keeping you up to date with our carefully selected KPMG insights into the latest business and technology trends. In this exclusive issue, we present the opportunities and challenges that GenAI presents to the life sciences workforce.

Increasing popularity and potential workforce challenges: Although GenAI technology has been around since the 1970s, recent developments have revolutionised it. Life science companies have been quick to adopt this technology, but this requires employees to hone their GenAI skills and companies to educate and train their workforce to realise efficiency gains. While the road to adoption can be risky, taking a proactive approach to humanising AI and expanding job roles is the way forward.

Skills transformation, automation and job diversification: The integration of GenAI into the business functions of the life sciences industry is expected to improve operational efficiency and increase productivity. However, it is important to emphasise that GenAI cannot replace the human touch, such as critical thinking and creativity. KPMG's 'Job Automation Outlook' has identified key roles in the life sciences industry and highlighted those that may be subject to rapid skills change as a result of GenAI. While the degree of automation will vary by role and may be delayed by regulatory requirements, the industry is likely to see an evolution of job roles rather than their elimination.

Developing the workforce of the future: The impact of GenAI on the life sciences industry is seen as a major transformation. However, organisations must take proactive steps to upskill and reskill their workforce to effectively take advantage of GenAI and remain competitive. Adopting a multidimensional and strategic competency model will be critical to develop multidisciplinary competencies and an evolutionary mindset will be essential for future success. Therefore, a transformative business strategy that combines GenAI, risk management and people strategy is required to drive sustainable growth.

This is the first in an upcoming series of thought leadership on the evolution of the life sciences sector. It has been compiled by our KPMG life sciences sector and advisory experts.