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Why Mission-Critical Life Sciences Projects Are Failing—and How to Fix Them

It’s increasingly challenging for life sciences companies to meet goals on critical initiatives – from mergers to clinical trials to data transformation projects. Managing these complex strategic initiatives takes skill. What can companies do to achieve better results?

A woman wearing scrubs in a laboratory looks intently into a microscope
A woman wearing scrubs in a laboratory looks intently into a microscope

scope of research

Research Overview

To understand the challenges large companies face in executing mission-critical projects, we surveyed 404 senior executives, with $1 billion or more in revenue, in September 2022 across North America, Europe and Asia Pacific, and in four global industries.

companies

404

Companies surveyed

life sciences

99

Life Sciences organizations surveyed

revenue

$1B+
Annual revenue per company

our research

33

Life science companies saying it is more of a struggle to meet key project goals

33%

our research

Life sciences companies are struggling to meet key project goals, with 33% saying it has become more difficult since March of 2020.

Male scientist in a lab coat examines a test tube with a plant inside, while a female scientist observes.

top challenges

Project Management Expertise Is in Short Supply

Mission-Critical Projects Are Failing at a Worrying Rate:

Without capable project leaders at the helm, initiatives go astray, and the original intent gets lost.

13%

Only 13% of those we surveyed achieved all or most of their key objectives.

30%

30% said most of their projects have underperformed

60%

30% said most of their projects have underperformed

Why is success so elusive?

Respondents told us that inadequate talent and complex workforce dynamics are key contributors.

41%

A lack of capable talent in key project roles (41%) to a large or huge degree)

31%

More project team members are working from home (7% in 2020 vs. 31% in fall 2022)

46%

More talent from outside of the company is being used (40% in 2020 vs. 46% in 2022)

Challenges With Talent and Tools Among Key Roadblocks to Project Success

Key Insight

Organizationally diverse and remote teams are creating complex dynamics for project execution in life sciences.

58%

our research

58% of life sciences leaders said teams with talent from multiple organizations are important to successful project execution.

Person wearing protective goggles and a lab coat in a laboratory.

Outside Consultants Are Expected To Comprise 48% of the Average Project Execution Team by 2024

Key Insight

Managing teams with people from multiple firms is one of the biggest challenges but also one of the biggest contributors to successful project execution. In other words, it may not be easy — but it’s worth it.

Strong Project Leaders Are Vital to Achieving Results

The model for executing mission-critical projects has undergone significant change

Projects can’t be managed the same way as a few years ago. Team dynamics are different, with more people working remotely and a higher mix of outside talent.

To effectively manage these changes, life sciences companies must invest in upskilling and reskilling experienced employees, and/or partner with outside firms that offer strong project management talent and resources.

How can you improve project execution?

Invest in project quarterbacks who can synthesize the tasks, milestones, processes, and team members needed every step of the way.

Centrally coordinate the project portfolio to reduce duplications and inefficiencies.

Conduct readiness assessments to determine the feasibility and scope of projects upfront.

80%

project leadership

of life sciences executives believe highly effective project leaders provide a strong competitive advantage.

Close-up of test tubes with a pipette holding a droplet above them.
A woman in a lab wearing safety glasses performs an experiment
A woman in a lab wearing safety glasses performs an experiment

“Without effective project management, an alarming number of critical projects are failing today and will continue to fail.”

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