LONDON, March 31, 2021 – With supply chains in the headlines as a result of the COVID-19 vaccination role out, life science organizations are scrutinizing the lessons learnt from the pandemic to understand where improvements can be made, according to a Global Life Science Trends report launched by Willis Towers Watson (NASDAQ:WLTW), a leading global advisory, broking and solutions company.
With exports disrupted, the risk of relying on a single region for supply has been starkly highlighted. Life science risk managers are increasingly considering the option of investing locally to avoid reliance on a single geography.
Other key trends facing the life science industry include:
“Life science organizations must ensure their insurance policies are extensive enough to cover the scale of loss they could see from supply chain and cyber disruption.”
Neil Emerson | GB Life Sciences Practice Leader at Willis Towers Watson
Neil Emerson, GB Life Sciences Practice Leader at Willis Towers Watson said, “Our life science clients are clearly concerned about the disruption to supply chains, as well as the postponement of clinical trials, which has caused significant disruption to this sector. However, in some areas, the pandemic has pushed innovation forward and tested digital capabilities. Life science organizations must ensure their insurance policies are extensive enough to cover the scale of loss they could see from supply chain and cyber disruption.
“Increased digitization is blurring the boundaries between the tech and life science industries. Combine this with the pressure of clearing patient backlogs, and life science organizations face a very complex risk landscape.”
To access the full report, please visit https://www.willistowerswatson.com/en-GB/Insights/2021/03/global-life-sciences-trends-report-2021
Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving more than 140 countries and markets. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance. Together, we unlock potential.
