Report: The 2023 State of Life Sciences Capital Project Development
The life sciences industry has been on a capital investment spree in recent years, breaking ground nationwide to build the facilities required to fuel tomorrow’s innovations.
Despite an uncertain funding environment, demand for new life sciences capital developments is expected to continue. Leading organizations will have no choice but to prioritize building modern, flexible, scalable, R&D space to keep up with the needs of an aging population and increased onshoring of active pharmaceutical ingredient manufacturing. Not to mention the constant drive for scientists to solve the world’s toughest challenges in healthcare, agriculture, and beyond for the betterment of humanity.
But capital projects are no small feat—especially when timely issues like supply chain constraints and labor costs threaten to delay and derail initiatives from the start.
35 North commissioned an independent market research study involving a survey of over 300 life sciences capital project owners and leaders to better understand the trends, technologies, opportunities, and challenges they face as they build the next generation of world-class life sciences facilities.
A few findings from the research include:
- 87 percent of project owners say beginning a new capital project initiative is one of their company’s top priorities in the next 6-12 months
- 89 percent of project owners say that defining user requirements for a project is key, but only 38 percent are sure they’re defining scope accurately
- The top pain points for project owners include changes in material and labor costs, delays in construction, unrealistic preliminary budget, and delays in permitting
Download the full report to learn more about the current and future state of life sciences capital project development, and who project owners are relying on to help them navigate both.