Life science firms struggle with business creation despite enthusiasm: report

Key challenges include regulatory complexities and talent acquisition issues.

Life science companies are eager to launch consumer-centric businesses but struggle with implementation, according to McKinsey & Company.

Key challenges include regulatory complexities, talent acquisition issues, and ineffective go-to-market strategies.

In-house teams in compliance, legal, HR, technology, and marketing take cautious steps to ensure strict adherence, which supports mature companies but can stall new business creation.

“To succeed with business building, life science companies must often create independent business units or spinouts, distancing them from the parent organisation,” the report said.

According to the ‘2024 McKinsey Global Survey’, more than half of the 1,100 CEOs surveyed identified business building as a top priority.

Consumer-focused initiatives being explored by life science companies include virtual health platforms and benefit management apps that help patients track healthcare spending.

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