Lifestyle-related diseases, an ageing population and rapid technical progress all mean that major investments need to be made in the life science sector over the next few years. Semcon is now increasing the pace of its growth in this field.
“There are some fantastic opportunities for us to grow in the life science sector, and the partnerships we have with customers at present are long-term undertakings. Our ambition to increase our industry diversification and focus more on life science has really paid off – we increased our sales by 9 per cent in 2018 and 13 per cent in the first quarter of 2019. Now we are taking the next step to accelerate the pace of further growth,” says Markus Granlund, CEO at Semcon.
According to the 2019 Global Life Sciences Outlook report from Deloitte, global expenditure on healthcare will grow by 5.4 per cent between 2018 and 2022. Sales in the medtech sector alone are estimated to increase to 595 billion dollars by 2024, from 475 billion dollars in 2019.
Increasing pace of development
Development cycles in life science are traditionally long due to the unique requirements in the industry. One of the biggest challenges in this field is to develop user friendly, safe medtech products, quality-assured medications and efficient digital production environments – in a cost-effective way, and at an ever-increasing pace.
“We have been working with life science for more than 35 years, so we have an in-depth understanding of the challenges faced by our customers. We operate within a number of areas in the life science field, allowing our experiences of the various areas to benefit one another. All this is done with a view to help customers with patient safety, quality assurance and effectively launching products on the market, for instance,” says Markus Granlund.
Skills in huge demand
Semcon’s life science offering covers the entire development chain, from product and production development to product information. What makes this offering unique is the company’s experience in the field, in combination with the cutting-edge skills required to digitise products, services and production environments.
“There is a huge demand for our skills in life science, which makes working in this field incredibly exciting. We use our mix of skills to ensure compliance with regulatory requirements. And at the same time, we can use innovative design, UX and new technology such as AI to enhance the user experience,” says Natasa Liderfelt, Area Manager life science at Semcon.