New Study Finds Labor Challenges Outrank Economic Growth Concerns Among Life Sciences Manufacturers

Global survey reveals top workforce concerns, evolving strategic priorities, and key technology investment areas for life sciences manufacturers

BRUSSELS, July 31, 2024 /PRNewswire/ -- Rockwell Automation, Inc. (NYSE: ROK), the world's largest company dedicated to industrial automation and digital transformation, today announced the results of the 9th annual "State of Smart Manufacturing Report: Life Sciences Edition." The global study encompasses the responses of 111 leaders from life sciences manufacturers across 15 of the leading manufacturing countries.

This year's report spotlights the evolution of the life sciences industry, with an emphasis on leveraging emerging technologies to minimize risks, manage supply chains, and enhance workforce potential. Leaders in life sciences recognize that sustaining growth and innovation necessitates a highly skilled workforce, highlighting the vital need for consistent and substantial investment in workforce development

Key global findings include:

• Workforce issues are listed as the top external obstacle for life sciences manufacturers in 2024, ahead of inflation and economic growth.
• 96% of life sciences manufacturers are using or evaluating smart manufacturing technologies in 2024.
• Technology investments increased to 31% of the operating budget.
• Balancing quality and profitable growth is the top internal obstacle facing life sciences manufacturers in 2024.
• Generative design is listed as the top investment area in 2024, followed by generative or causal AI.
• Rising cost of labor and finding skilled workers is the top workforce-related obstacle for life sciences manufacturers in 2024.
• Commitment to environmentally friendly processes throughout the product lifecycle is the factor that matters most to life sciences manufacturers' ESG programs.

"The life sciences industry is at a pivotal juncture, navigating through rapid technological advancements, evolving workforce dynamics and shifting global demands," said Gagan Naeger, vice president, global industry – life sciences, at Rockwell Automation. "As life sciences manufacturers continue to feel immense pressures to bring products to market faster, this year's report reveals the importance of balancing technological innovation with workforce development to drive positive business outcomes."

Life sciences manufacturers are prioritizing strategies to retain, upskill, and engage their workforce. Technologies, such as automation and smart manufacturing solutions, that complement and enhance the value brought by their workers are key to not only overcoming current obstacles but also fostering growth and innovation in an increasingly complex landscape.

"Leveraging our deep industry expertise and diverse portfolio of innovative solutions, Rockwell stands out as an invaluable partner for life sciences companies worldwide," said Naeger. "Regardless of a company's current stage in their journey towards digital transformation and smart manufacturing, we can meet them where they are to help them achieve long-term, sustainable growth."

The full findings of the report can be found here.

Methodology

This report is based on the responses of 111 managers and executives from Life Sciences manufacturers in 15 countries. It's part of the 9th annual State of Smart Manufacturing report, which surveyed 1,567 manufacturing leaders across multiple industries and was conducted in association with Sapio Research and Rockwell Automation. 

About Rockwell Automation

Rockwell Automation, Inc. (NYSE: ROK), is a global leader in industrial automation and digital transformation. We connect the imaginations of people with the potential of technology to expand what is humanly possible, making the world more productive and more sustainable. Headquartered in Milwaukee, Wisconsin, Rockwell Automation employs approximately 29,000 problem solvers dedicated to our customers in more than 100 countries. To learn more about how we are bringing the Connected Enterprise to life across industrial enterprises, visit www.rockwellautomation.com.

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