International law firm Simmons & Simmons has conducted a piece of research intending to chart the potential challenges and opportunities foreseen by senior leaders in the healthcare and life sciences (HLS) sector in the wake of the Covid 19 pandemic.
The research was conducted by Censuswide on behalf of the firm in a survey which asked nearly 2000 senior legal counsels and decision makers working across 18 countries, a series of questions on everything from public perceptions of the sector, to the key impediments and drivers of growth.
When asked to consider the challenges expected to confront the HLS sector in the next twelve months, more than a quarter (27%) of respondents cited the cost of developing new products, while 26% said that the timeline for getting a product to market also represented a challenge. These figures clearly demonstrate some concern in the sector about the feasibility of bringing innovative products to market.
In terms of considering the areas of growth in the sector as a result of the pandemic, a quarter said that accelerated digitalisation presented an opportunity to improve client/ customer service. In the same vein, half (51%) of respondents named telehealth as the most likely area for growth within the HLS sector, which would facilitate next generation health services for patients.
Looking to the future of the sector, 81% of respondents said that attracting staff with digital expertise would be important in unlocking opportunities in next 12 months, suggesting that HLS leaders believe attracting and retaining the next generation of talent will be pivotal to business viability and growth.
Commenting on the results, Alexandre Regniault, head of the firm’s HLS sector, said: “Our research shows that following a period of significant pressure on the HLS sector, business leaders are confident in the resilience of their business models, with 94% tell us that they’re confident of the sector’s ability to deal with opportunities and challenges in the pipeline. However, we can also see clear concern over the time required to develop and market new products.”
Continuing, Alexandre said: “This data shows where our HLS clients are needing greater support from their external counsel and Simmons will use this research to build on its multidisciplinary team of lawyers and experts, ensuring that they are ever more able to grasp the complex scientific background underlying our clients’ legal and business issues.”
Notes to editors:
Methodology: The quantitative phase polled 1,992 general counsels and senior internal legal professionals, along with senior decision-makers working in pharmaceutical, med-tech, biotech and healthcare businesses across the UK, France, Belgium, Italy, Ireland, the Netherlands, Spain, Germany, Luxembourg, UAE, KSA, Qatar, Israel, China, Hong Kong, Singapore, Japan and the US. The survey was conducted between 20.05.2022 and 06.06.2022, anonymously via an online survey link, with Censuswide conducting both the qualitative and quantitative elements.
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