September 24, 2024: 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
In 2024, workforce challenges have emerged as the primary external obstacle for life sciences manufacturers, surpassing concerns about inflation and economic growth. A remarkable 96% of these manufacturers are either utilizing or evaluating smart manufacturing technologies, reflecting a substantial increase in technology investments, which now constitute 31% of their operating budgets. Balancing quality with profitable growth remains their top internal challenge. The focus on generative design and generative or causal AI highlights their strategic priorities for technological advancement. Additionally, the rising cost of labor and the difficulty in finding skilled workers are critical workforce-related hurdles. Notably, life sciences manufacturers are also prioritizing their commitment to environmentally friendly processes throughout the product lifecycle, which is central to their ESG initiatives.
Speaking about the key insights from the report, Dilip Sawhney, managing director, Rockwell Automation India, said: “The ability to attract, retain and develop a skilled workforce is paramount for the success of life sciences manufacturers. As workforce challenges outpace concerns about economic growth, it becomes increasingly clear that investing in smart manufacturing technologies and workforce development is critical.”
“At Rockwell, we are committed to supporting the life sciences sector through advanced automation solutions that not only increase operational efficiency, but also empower employees to drive innovation and sustain growth. Addressing these workforce challenges will be essential to navigating the complexities of today’s manufacturing environment and achieving long-term success,” added Dilip.
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.