01
Supply Chain or Distribution Failure
Supply chain risk is broadening and becoming more complex, extending well beyond keeping shipping vessels moving or suppliers’ manufacturing facilities intact.
Industry Overview
Life Sciences
Accelerating Innovation in an Increasingly Volatile Sector
From early-stage biotechnology start-ups to large multinational pharmaceuticals, the life sciences industry relies on innovation to meet shifting demands in health and improve treatment outcomes around the globe. However, emerging and established risks force organizations to operate in a volatile environment. While navigating research and development challenges, supply chain impacts and barriers to commercial sales, businesses also find themselves swept up in the fight for talent.
Finding new ways to cost-effectively manage risk and attract and retain a digitally-savvy workforce will accelerate innovation to create greater efficiencies, develop personalized medical treatments and access new markets. But with ever-evolving regulation, governance and production interruptions impacting the pace of progress, businesses across this sector must be resilient, investing in end-to-end solutions for their risk and human capital, as well as workforce health and wellbeing to protect vital talent.
Top 5 Current Risks
According to our latest Global Risk Management Survey, the biggest risks facing the Life Sciences industry include:
Report
Better Decisions on Risk Capital and Human Capital for Life Sciences
From the global powerhouses of big pharma to the niche start-ups and technology giants venturing into the healthtech space, technology has transformed the opportunities and risks for life sciences businesses. Both innovation and digitalization have been fundamental for the research, production and distribution of medicine and medical devices.
More Insights
-
Article 7 mins
Managing Human Capital to Drive Innovation in Life Sciences
Digitalization presents both opportunities and challenges in life sciences, driving new organizational approaches to human capital to keep up with evolving talent needs while building a resilient workforce.
-
Article 8 mins
How Cyber and Data Resilience Support Growth in Life Sciences
As digitalization presents new risks and opportunities for life sciences organizations, implementing cyber and data resilience ensures that innovation doesn’t result in business interruption.
-
Article 3 mins
Better Decisions in Trade, Technology, Weather and Workforce
From global supply chain risks to climate insecurity, organizations face challenges and complexities on a scale rarely seen before.
-
Article 3 mins
Risk Capital and Human Capital Perspectives
Risk Capital CEO Andy Marcell and Human Capital CEO Lambros Lambrou discuss how innovations in Risk Capital and Human Capital can help organizations boost resilience and navigate volatility.
-
Article 12 mins
How Life Sciences Build Robust Talent Pipelines in the Age of Digitalization
While digitalization is delivering transformational change to R&D across the sector, it is also rapidly reshaping recruitment and retention strategies.
-
Article 11 mins
Top Risks Facing Life Sciences Organizations
Life Sciences industry respondents to our Global Risk Management Survey (GRMS) ranked supply chain or distribution failure and cyber attack or data breach as their two most critical risks.
-
Article 6 mins
Using Data to Close Workforce Gaps in Life Sciences Companies
Life sciences companies lag other industries in addressing the physical and mental health of employees and getting them future-skills ready. Here are actions to address these gaps.
-
Article 8 mins
From Test Tubes to Terabytes: AI's Takeover of Life Sciences
AI is creating new possibilities in life sciences, especially in R&D, training and marketing. But, as the industry adapts to AI, it also faces risks and challenges.
-
Article 14 mins
Building a Resilient Workforce That Steers Organizational Success | An Outlook Across Industries
Protecting and sustaining businesses in food, agribusiness and beverage, financial institutions, life sciences and renewables require a resilient workforce. Organizations must consider the skills, capabilities, agility and wellbeing of their people to achieve a productive and healthy workforce.
-
Article 6 mins
Protect and Grow: An Integrated Approach to Tackling Global Volatility
In today’s increasingly volatile global economy, business leaders are focusing on two key areas of decision-making: Risk Capital and Human Capital.
-
Article 7 mins
COVID-19 has Permanently Changed the Way We Think About Wellbeing
Aon’s 2022–2023 Global Wellbeing Survey explores what employers around the world are doing to support the needs of today’s workforce.
-
Article 7 mins
ESG Data: How Businesses Can Use Data to Gain an Edge
To make the most out of their ESG data, companies can draw on different approaches to benchmarking and increase their attention to governance.
-
Article 7 mins
Life Sciences Takes a Cost-Conscious Approach to the Future
Life sciences companies are trying to find a balance between navigating economic pressures and a push to innovate for the future.
-
Article 13 mins
A Game Of Cat And Mouse: Outpacing Cyber Threats Across Industries
Industry leaders in life sciences, financial institutions, technology, media and communications and food, agribusiness and beverage face a surge in cyber threats and data breaches.
-
Article 7 mins
Catastrophes and Coverage: What 2022 Can Teach Us About Climate Risk
The impact of climate change on businesses, insurers, and communities can provide insight on how to mitigate the risks associated with extreme weather events.
-
Article 7 mins
Life Sciences Industry Prepares for Challenges and Opportunities in a Dynamic Landscape
The life sciences industry is facing a dynamic and volatile landscape due to the COVID-19 pandemic and other global risks.
-
Article 12 mins
A Guide to Preparing for Greater Climate Disclosure in 2023
Climate disclosure requirements will increase globally in 2023. Use this guide in preparation to reduce risk and attract investors.
-
Article 6 mins
How Will a Recession Impact the Great Resignation And Quiet Quitting?
A new phenomenon in which employees become disengaged — 'quiet quitting' — is drawing increasing interest.
-
Article 7 mins
Retaining Talent in a Job-Hopping World
A record number of workers are quitting jobs and changing companies — or thinking about it. How can employers retain talent in today’s competitive market?
