target audience: TECH SUPPLIER Publication date: Apr 2023 - Document type: IDC Survey - Doc Document number: # US50218523
Future of Industry Ecosystems — Life Sciences
This IDC Survey highlights the key findings of IDC's Future of Industry Ecosystems Survey. In May and June 2022, we fielded our second annual global survey to 1,270 executives across 5 regions and 11 countries. The goal was to determine executive and business leader sentiment on industry ecosystems, maturity of current approach, and future plans for IT and use case investment. Respondents spanned multiple domains including CXO, business line leadership, and IT management. Key findings from the survey include:
- Mitigating demand fluctuations and supply chain constraint while pursuing environmental sustainability goals is a key joint initiative for industry ecosystem partners.
- Cybersecurity and IP protection are the top barriers to ecosystem participation, making them the top IT investments by ecosystem players.
- The business leadership plays a key role in designing the industry ecosystem in the life science industry compared with the company's executive team playing a decisive role in other industries. Most organizations plan to, as they did last year, expand their industry ecosystems beyond their core industries.
- Data sharing is more prevalent in the life science industry than in most other industries, driven by the need to collaborate to accelerate innovation.
- Service providers will play a key role in the design and enablement of industry ecosystems.
Another key area of focus for organizations when they consider the design and operation of their industry ecosystem is improvement of customer, consumer, citizen, or patient engagement and experience. That is, how does the shared, open approach of industry ecosystems (shared data and insights, shared applications, and shared operations and expertise) better facilitate this?
This IDC survey report on the future of industry ecosystems is focused on the life sciences cut of this survey data. Organizations in this sector recognize the opportunity for ecosystems to support the multiple ongoing challenges and initiatives, such as:
- Empowering constant, collaborative, and open innovation that results in enhanced R&D
- Enabling environmentally sustainable practices within R&D, supply chain, and production, across a varied set of ecosystem participants
- Ensuring trusted, secure collaboration and mutually beneficial business models across the industry ecosystem
IDC's Future of Industry Ecosystems Survey provides a view into how life science organizations are currently and planning to work with their ecosystem partners on these and other initiatives.