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Time-to-market too long for life sciences sector

A survey by Simmons & Simmons of legal leaders in healthcare and life sciences finds almost a quarter of respondents in Ireland said that robotics presented an opportunity to improve and modernise practices.

Almost 2,000 general counsel in the sector, across 18 countries, were questioned.

And 22% of respondents named molecular biology as the most likely area for growth within the HLS sector, to facilitate continued improvement in disease prevention and treatment.

And 74% of respondents surveyed in Ireland said that attracting staff with digital expertise would be important in unlocking opportunities in the next 12 months. 

Collaborations and mergers and acquisitions were seen as key to ensuring business viability and growth. 

The firm’s corporate and M&A in Dublin David Brangam said he expected the trend of tactical acquisitions to drive growth to continue in the sector.

Global head of the HLS sector Alexandre Regniault added that business leaders are confident in the resilience of their business models.

A full 94% of all respondents feeling confident of the sector’s ability to deal with opportunities and challenges in the pipeline. 

Clear concern

“However, we can also see clear concern over the time required to develop and market new products,” he said.

Over a third (34%) of the 100 Irish-based respondents cited the cost of developing new products, while 31% said that the timeline for getting a product to market also represented a challenge. 

The quantitative phase of the survey polled 1,992 general counsels and senior internal legal professionals in pharmaceutical, med-tech, biotech and healthcare businesses worldwide.