Generative artificial intelligence (AI) could provide up to $110 billion a year in economic value for the pharmaceutical and medical products industries, estimates the McKinsey Global Institute.
But when McKinsey surveyed 100 executives in those industries in 2024, only 5% said their companies were using generative AI as a competitive differentiator — even though all respondents said they had experimented with the technology.
There’s a gap here: despite recognising the potential of AI, very few life sciences companies have wholeheartedly adopted it.1
Closing this gap will be a matter of identifying the elements of the life science value chain that could benefit most from AI and then implementing the technology in ways that add value without being disruptive.
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