KPMG 2024 Life Sciences CEO Outlook

120 Life sciences CEOS

11 countries and territories

US$500M+ in revenue

The life sciences sector is made up of a diverse ecosystem of companies and segments. They range from massive global pharma companies and regional lab powerhouses to small startup device manufacturers and innovative biotech research labs. No two life sciences companies face the same challenges or opportunities. And there is no ‘typical’ life sciences CEO.

The 2024 KPMG Life Sciences CEO Outlook, a survey of 120 life sciences CEOs from around the world suggests there are common themes and strategies at play. As life sciences organizations across the spectrum focus on driving innovation, many are struggling to accelerate digitalization and the adoption of AI. They recognize the importance of environmental, social and governance (ESG) on public trust and growth but aren’t sure they can meet their net zero objectives. Talent gaps and capability shortages emerge as continuous themes throughout.

KPMG 2024 Life Sciences CEO Outlook

Exploring CEO views on economic growth, technology investments, ESG and workforce

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Key findings from the research

79% of life sciences CEOs are confident in their company’s growth prospects
60% say that generative AI is their top investment priority
Only 43% think they can meet their organization’s net zero goals by 2030
Replacing retiring employees with skilled new ones was cited as the #1 workforce challenge

The life sciences sector is a firm and keen believer in the importance of sustainability, with a majority of pharma companies, in particular, being in the vanguard of ESG. This is working its way through the supply chain and we’re seeing material changes in the life sciences ecosystems which is a positive step in the right direction. In addition, Gen AI is poised to be a game changer and will be more impactful than ever before

Vijay Chawla

Partner and Head Life Sciences

KPMG in India

Methodology

The 10th edition of the KPMG CEO Outlook surveyed 1,325 CEOs between 25 July and 29 August 2024, and provides unique insight into the mindset, strategies and planning tactics of CEOs. All respondents had annual revenues over US$500M and a third of the total companies surveyed had more than US$10B in annual revenue. The survey included CEOs from 11 key markets (Australia, Canada, China, France, Germany, India, Italy, Japan, Spain, UK and US) and 11 industry sectors (asset management, automotive, banking, consumer and retail, energy, infrastructure, insurance, life sciences, manufacturing, technology, and telecommunications). NOTE: Some figures may not add up to 100 percent due to rounding. This report draws on the views of 120 life sciences leaders. In the life sciences research, the two largest sub-sectors were pharmaceuticals (representing 45 percent of respondents) and biotechnology (representing 19 percent). The best-represented countries based on organizational headquarters were the US, Japan, India, China and Germany.