Aug 21

Why does understanding Life Science matter?

What actually is Life Science?

Life Science is a term we hear increasingly often. But ask different people what it actually includes, and you may get surprisingly different answers.

For some, Life Science primarily means pharmaceuticals. For others, it also includes biotechnology, medical technology and research. In broader definitions, areas such as healthcare, food and nutrition may also be included.

There is no single definition used by everyone. What is considered part of Life Science varies depending on the organisation, industry and context.

And that is worth understanding in itself. When two people talk about “Life Science”, they may not necessarily be talking about exactly the same landscape.

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A large industry – and a large market

Whatever definition we use, there is no question that Life Science represents significant business.

In Sweden alone, Life Science companies had a production value of approximately SEK 360 billion in 2023 and accounted for 2.1% of Swedish GDP. The sector has also represented around 7–11% of Sweden's total goods exports over recent years.
And internationally, the scale becomes considerably larger. To put it into perspective, the global prescription pharmaceutical market alone was estimated at approximately €1.48 trillion in 2025.

For companies selling services, technology or expertise, Life Science is therefore not only an interesting industry to understand. It is also a substantial potential market.

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You can know your profession without knowing the industry

A senior project manager entering their first Life Science assignment is still a senior project manager. 

But the environment may be new. 

There may be unfamiliar regulatory requirements, highly controlled processes and terminology that everyone around the table seems to understand. Knowing why these exist can make it much easier to understand how the project needs to be managed.

The same applies to sales.

You may know your own product or service extremely well. But building trust with a Life Science customer becomes considerably harder if you do not understand the basics of the industry they operate in.

How do you ask the right questions? Understand a requirement specification? Recognise why something that seems simple from the outside may be considerably more complex for the customer?

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Sometimes you need the map first

This also matters inside consulting and supplier organisations.

Why does the Life Science team work differently? Why are certain projects more controlled? Why does the customer ask for documentation or experience that might not be required elsewhere? Without some understanding of the industry, it is easy to see complexity without understanding the reason behind it.

You do not need to become a scientist, regulatory specialist or Life Science expert. But whether you are entering your first assignment, selling to the industry, managing consultants or trying to establish your company as a supplier, understanding the landscape changes the conversation.
Sometimes you don't need another specialist skill.
You simply need a better map of the world in which your existing skills need to work.