Life sciences leaders in India are increasingly adopting artificial intelligence (AI) and digital transformation, as highlighted in a recent report by KPMG. The study, which surveyed 110 global life sciences leaders, revealed a strong focus on scaling AI initiatives and enhancing workforce skills among CEOs in India. This strategic approach positions the country for sustainable growth in the sector.
Vijay Chawla, Partner and Head of Life Sciences at KPMG in India, emphasized the industry’s shift towards execution from mere aspiration. He noted that Indian CEOs are actively pursuing AI and digital transformation, along with strategic mergers and acquisitions, to drive innovation and efficiency. By leveraging India’s talent pool, the life sciences sector aims for sustainable growth and global leadership in the evolving healthcare landscape.
The report also highlighted the global perspective, with over 80% of life sciences CEOs worldwide recognizing the importance of AI in driving growth, reducing emissions, and enhancing energy efficiency. Leaders are transitioning from experimental phases to practical implementation, focusing on integrating AI, strategic business transformation through mergers and acquisitions, and reshaping their workforce for enhanced innovation and efficiency.
CEOs globally are showing a strong inclination towards mergers and acquisitions, with 86% expressing a moderate-to-high appetite for such activities in the next three years. Additionally, 80% are adjusting their growth strategies to navigate complex market challenges, indicating a proactive approach to transformation. Noteworthy is the allocation of technology budgets, with 73% of CEOs planning to dedicate 10-20% specifically to AI initiatives, expecting measurable returns within the next three years.
While AI adoption gains momentum, cybersecurity emerges as a top concern for 84% of CEOs, underlining the importance of safeguarding digital assets. Talent development is also a key focus area, with 85% of CEOs emphasizing the readiness of their workforce for AI as crucial to achieving organizational goals. Furthermore, environmental, social, and governance (ESG) initiatives are gaining prominence, ranking as the second-most important operational focus for CEOs over the next three years.
The report underscores the significant role of AI in sustainability efforts, with 80% of CEOs believing in its potential to reduce emissions and enhance energy efficiency. This alignment of sustainability goals with operational improvements indicates a positive trajectory for the industry, signaling a promising future driven by innovation and environmental responsibility.
