1、GENERATIVE AIRADARLIFE SCIENCES Generative AI Radar Life sciences|3External Document 2024 Infosys Limited Generative AI Radar Life sciencesGenerative AI is still new,yet enterprises are already exploring its transformative potentialThis year will bring further developments in generative AI as organi
2、zations get to grips with it.Through this study we aimed to uncover how companies use generative AI,how much they spend on it,how its rolled out in organizations large and small,and where it makes an impact.We looked at 3,000 companies across 12 industries:Automotive Consumer package goods Energy,mi
3、ning,and utilities Financial services Healthcare High tech Insurance Life sciences Logistics and supply chain Manufacturing Retail and hospitality TelecommunicationsMany companies told us they are already spending significant sums of money and are set to spend more this year.However,this pattern isn
4、t the same across sectors.In this data book we highlight how life sciences compares with the rest of the pack.4|Generative AI Radar Life sciences External Document 2024 Infosys Limited Generative AI spending growth is slowLife sciences generative AI spending projected to grow slower than most indust
5、ries this yearLife sciences spending set to grow 36%in 2024 Life sciences firmsspent$470 million on generative AI in 2023.This is projected to grow to$637 million in 2024.This ranks life sciences among lowest spending sectors,about the same as telecommunications.Life sciences generative AI spendingE
6、xpected generative AI spending growth by industrySpending in millions($USD)2023202436%Reported spendExpected spend0200400600800$470$637TelecommunicationsRetail and hospitalityManufacturingLogistics and supply chainLife sciencesInsuranceHigh techHealthcareFinancial servicesEnergy,mining,and utilities
7、Consumer packaged goodsAutomotive32%88%103%73%36%358%135%53%164%76%65%169%IndustryExpected generative AI spending growth in 2024Generative AI Radar Life sciences|5External Document 2024 Infosys Limited Life sciences firms lag in generative AI implementationMore than one-third oflife sciences firms a
8、re implementing generative AI solutionsOver one-third of life sciences companies yet to start their generative AI journey 36%of the life sciences firms havent started their generative AI journey,more than double the overall trend(15%).Generative AI adoption by proportion of respondents1%0%Increasing
9、 generative AI adoption levelRespondentsLife sciencesTotal sampleNote:Percentages do not add up to 100%because of rounding.Does not have generative AI initiativesand doesnt plan to implementDoes not have generative AI initiativescurrently but is planning to implementIs experimenting with generative
10、AIand/or defning proofs of conceptHas implemented,or is currentlyimplementing,generative AI solutionsHas established generative AIuse cases that create business value36%15%20%31%36%40%6%13%6|Generative AI Radar Life sciences External Document 2024 Infosys Limited Generative AI optimism leans toward
11、efficiency Life sciences sector outstrips overall trend with high hopes for operational efficiency and automationLife sciences industry is most optimistic about generative AIs impact on efficiency and automation 37%of life sciences companies expect generative AI to have a positive impact on operatio
12、nal efficiency and automation significantly higher than the overall trend(24%).Where companies expect generative AI to have the most positive impact Streamlined productdevelopment and designIncreased operationalefciency and automationImproved contentgeneration and creativityEnhanced user experiencea
13、nd personalization19%31%13%19%37%24%31%27%RespondentsLife sciencesTotal sampleNote:Percentages do not add up to 100%because of rounding.Generative AI Radar Life sciences|7External Document 2024 Infosys Limited Majority of life sciences companies are positive generative AIs impact However,the sectors
14、 negative sentiment is much higher than the overall trendLife sciences is less positive about generative AIs business impact 71%of life sciences companies believe generative AI will have a positive impact on business.13%expressed a negative sentiment,higher than the overall trend(8%).Expected genera
15、tive AI impact on business areas by proportion of respondentsRespondentsNegativeNeutralPositiveLife sciencesTotal sample16%17%8%71%76%13%Note:We calculated“business impact sentiment”by asking survey respondents to rate their sentiment ongenerative AIs impact on the following business areas:business
16、model,cost efciency,proft,reputation,revenue,and talent.Then we combined those answers into one measure.8|Generative AI Radar Life sciences External Document 2024 Infosys Limited Nearly half of sector held back by privacy concernsData privacy and security top the list of generative AI barriers but l
17、ife sciences is less worried about ethicsData privacy and security is the top barrier to generative AI adoption 45%of life sciences sector ranked data privacy as their top barrier to generative AI adoption,much higher than the overall trend.Ethics and bias are less of a barrier Just 13%of life scien
18、ces companies are concerned with ethics and fairness,compared with the overall trend(21%).Obstacles to generative AI adoption by proportion of respondentsData privacy and securityData not in a usable stateConcerns about ethics,bias,fairness,safetyLack of investmentLack of skills,knowledge,or resourc
19、esC-suite buy-inCant access generative AI toolsfrom corporate computers45%30%23%22%13%21%10%8%5%11%3%6%1%2%RespondentsLife sciencesTotal sampleNote:Percentage of respondents ranking challenge as biggest obstacle to implementing generative AI.Percentages do not add up to 100%because of rounding.Gener
20、ative AI Radar Life sciences|9External Document 2024 Infosys Limited Generative AI Radar Life sciences|9External Document 2024 Infosys Limited 10|Generative AI Radar Life sciences External Document 2024 Infosys Limited Tepid confidence in ability to manage generative AI systemsLife sciences sectors
21、confidence in generative AI management is significantly lower than the overall trendLife sciences companies are much less confident in their generative AI management Only 50%of life sciences is positive in their ability to manage generative AI,much lower than the overall trend.15%of life sciences ex
22、pressed a negative sentiment,significantly higher than overall trend(5%).Confidence in ability to manage generative AI systems by proportion of respondentsRespondentsNegativeNeutralPositiveTotal sampleLife sciences50%72%23%5%35%15%Note:Sentiment on confdence in managing generative AI systems.Percent
23、ages do not add up to 100%because of rounding.Generative AI Radar Life sciences|11External Document 2024 Infosys Limited Workforce generative AI readiness is a concern or life sciencesOnly 50%of life sciences firms are positive about their teams readiness to adopt generative AILife sciences is twice
24、 as negative about workforce readiness Life sciences is significantly more negative about workforce generative AI readiness than our overall sample(12%vs.5%).Sentiment on workforce readiness to adopt generative AI by proportion of respondentsRespondentsNegativeNeutralPositiveLife sciencesTotal sampl
25、e51%38%12%67%28%5%Note:Sentiment on workforce readiness to adopt generative AI.Percentages do not add up to 100%because of rounding.12|Generative AI Radar Life sciences External Document 2024 Infosys Limited Life sciences still determining who sponsors generative AI initiativesBut CIOs are the prima
26、ry sponsor for 23%of life sciences firms One-third of life sciences firms are yet to establish a primary generative AI sponsor 31%of life sciences sector are still determining their primary generative AI sponsors,significantly higher than the overall trend(10%).CIOs sponsor generative AI generative
27、AI initiatives more often 23%of life sciences firms report that the CIO primarily sponsors generative AI.Primary sponsor of generative AI initiatives by proportion of respondentsTo be determinedLeader of a business unitCybersecurity/chiefinformation security ofcerChief operating ofcerChief marketing
28、 ofcerChief information ofcerChief executive ofcerBoard of directorsRespondentsLife sciencesTotal sample31%10%10%9%14%17%6%9%4%4%23%29%5%7%13%9%Note:Percentages do not add up to 100%because of rounding.Generative AI Radar Life sciences|13External Document 2024 Infosys Limited Generative AI governanc
29、e is less concreteGovernance is most likely undetermined for one-third of life sciencessectorMore life sciences companies without a designated generative AI policy maker 33%of life sciences respondents havent determined who governs generative AI,compared with only 13%of the overall trend.Primary gen
30、erative AI policy maker by proportion of respondentsWithin business units andindividual product ownersTo be determinedLegalCybersecurity/chiefinformation security ofcerChief operating ofcerChief information ofceror otherwise within ITBoard of directors10%13%33%13%5%17%16%5%2%5%21%12%22%25%Respondent
31、sLife sciencesTotal sampleNote:Percentages do not add up to 100%because of rounding.14|Generative AI Radar Life sciences External Document 2024 Infosys Limited About Infosys Knowledge InstituteThe Infosys Knowledge Institute helps industry leaders develop a deeper understanding of business and techn
32、ology trends through compelling thought leadership.Our researchers and subject matter experts provide a fact base that aids decision making on critical business and technology issues.To view our research,visit Infosys Knowledge Institute at or email us at .16|Generative AI Radar Life sciences Extern
33、al Document 2024 Infosys Limited 2024 Infosys Limited,Bengaluru,India.All Rights Reserved.Infosys believes the information in this document is accurate as of its publication date;such information is subject to change without notice.Infosys acknowledges the proprietary rights of other companies to th
34、e trademarks,product names and such other intellectual property rights mentioned in this document.Except as expressly permitted,neither this documentation nor any part of it may be reproduced,stored in a retrieval system,or transmitted in any form or by any means,electronic,mechanical,printing,photocopying,recording or otherwise,without the prior permission of Infosys Limited and/or any named intellectual property rights holders under this document.For more information,contact I|NYSE:INFYStay Connected
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