McKinsey March 21, 2025
To compete in an increasingly complex market, companies will need to unleash distinctive capabilities, reduce low-value work, speed up decision-making, and harness AI and digital.
Mounting headwinds in recent years have prompted biopharmaceutical companies to redefine how they create and sustain value. Over the past decade, the industry has produced major scientific breakthroughs, leading to improved outcomes for patients and strong shareholder returns of roughly 9 percent annually. However, companies are increasingly competing within crowded therapeutic spaces, asset life cycles are compressing, and major patents are expiring—all of which are compounded by stagnant R&D productivity, shifting geopolitical and regulatory landscapes, and increasing expectations to rewire the organization with digital and AI.
In response, pharma leaders have begun exploring fundamental changes...
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