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Tag: PwC

  • How AI Is Transforming Packaging in Pharmaceutical Industry

    This article has been contributed by Deepak Kumar Aggarwal, Senior Manager at PwC.

    When we pick a colorful blister pack or Vial to take our dose of medicine we think of the meticulously manufactured, packed product tested by qualified clinicians behind it. Well, this is true, but a complex well-orchestrated system, using intelligent algorithms, sensors, robotic arms, scanners, and Radio-Frequency Identification (RFIDs) devices are deployed warping this lifesaving drug into a form that reaches us. Application of Artificial intelligent algorithms, IoT, and connected sensors are transforming packaging of each pill, vial, or injectors to ensure the medication we are taking is authentic and packed with precise specification like an unbreakable promise.

    The application and acceptance of AI technologies is rising rapidly. We have heard many success stories across multiple industries as well. Similarly, throughout the value chain of pharmaceuticals Industry these innovations are assisting technicians to improve underlying intricate processes. These automated processes are under constant monitoring via intelligent IoT sensors. The predictive analytics capabilities generate demand at subprocess level and help plan resources in time. 

    With the latest technology adoption, Patients and Providers can be confident that a well-tested, documented and authentic product is dispensed to you after meeting all the rules and regulations. All Small, Medium or Large corporations are striving hard to manage this fast change.

    Let’s examine few focus areas which will continue to see dynamic shifts in this industry.

    Quality Control Systems

    If any faulty drug or expired package enters the supply chain, then it directly erodes the confidence of patient and provider. The use of AI enabled quality control systems facilitates automatic label verification and inspection. The monitoring of labels, seals and instruction detects any subtle defects. These systems check the correct drug name, dosage information, regulatory symbols, etc. These also check for any misprints, missing datapoints, and translations. 

    Complex packaging like pre-filled syringe and autoinjectors greatly benefited with improved accuracy. High resolution AI driven cameras inspect the needles for any bent, burr, or damage. Enhanced imaging systems check correct drug fill volumes in bottles and pre-filled syringes. It also detects any abnormality such as air bubbles or unexpected color/density changes. Overall, it reduces the cost of human error and ensures that highest level of regulatory norms is met. For any brand these are the primary factors that can damage brand value overnight. These measures have resulted in fewer product recalls, safer distribution channels, and increased consumer trust.

    Anti-Counterfeiting and Traceability

    Counterfeit pharmaceuticals continue to pose substantial global risks. Pharma manufactures, distributors, and pharmacies have collaborated to fight counterfeiting. The combination of AI and block chain enabled systems coupled with IoT devices at supply chains nodes has proved to be very effective. Machine vision coupled with AI algorithms verifies the Package authenticity by checking micro prints, holograms and serialization codes. Any anomalies in data matrix/ QR code triggers risk of counterfeiting. Continuous data driven feedback by using Predictive AI fags “suspicious movement”. 

    The integration of AI with blockchain and the Internet of Things (IoT) offers comprehensive traceability across the entire supply chain. Technologies such as smart barcodes, RFID, and unique digital identifiers — analyzed by AI — enable end-to-end tracking from production to point-of-sale, swiftly detecting anomalies and verifying authenticity. Even at the time when a pharmacist is dispensing the drug, AI driven scanners can authenticate serialized packs, reducing the risk of counterfeit drugs. Employing advanced monitoring devices further reduces the risk of tempered or contaminated products to reach unsuspected patients/providers.

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    Supply Chain Planning

    In the process intensive industry where accuracy is very crucial, managing the dynamic demands, supply and inventory level across supply chain is crucial for continuous market penetration and cost saving.  AI’s capacity to process extensive datasets — from historical sales figures to real-time epidemiological trends — enables accurate demand forecasting, inventory management, and resource allocation. Traditional Supply chain solutions within traditional (Enterprise resource Planning (ERP) system and specialized Cloud solutions in Supply chain planning are using Predictive AI models. Effective demand and supply planning results in lower waste, minimized shortages, and enhanced responsiveness to meet evolving healthcare demands. 

    Furthermore, AI-based predictive maintenance utilizing machine sensors helps prevent equipment failures, minimizes operational disruptions, and maintains high standards of safety and efficiency.

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    Personalized Packaging Solutions

    AI-Driven Packaging Enhances Patient Adherence and Security
    AI-Driven Packaging Enhances Patient Adherence and Security

    A new demand era of customized pharmaceutical packaging tailored to individual dosages or specific patient needs is becoming more acceptable. AI driven packaging lines creates customized blister packs or pouches labeled with patient specific dosage schedule (morning – 20 mg, evening – 10 Mg etc.). Such intelligent packaging solutions enhance both product security and patient interaction, contributing positively to patient adherence and outcomes. Other IT solutions to accommodate various disabilities and the integration of digital medication reminders is also evolving.

    Sustainability Initiatives

    The pharmaceutical sector is also actively pursuing its sustainability goals. Monitoring energy use in warehouses by AI models and by using smart switches it reduces overall carbon emission. AI simulations are Identifying environmentally responsible materials proposing alternate biodegradable packaging materials.  Large corporations have been funded and experimenting with technologies in many ways. At the same time Small and Medium Enterprises (SMEs) are facing challenges and competing for resources. They fully understand that AI-driven packaging technologies, supply chain optimization and control systems offer considerable benefits, but they face specific barriers to earlier adoption.

    In the capital-intensive industry getting the best Returns on Investment (ROI) is where executives at SMEs would like to focus so that they can justify further investment. SMEs should approach investments strategically and can take cues from below framework. Industry experts widely anticipate that as specialized skills become more accessible and hardware availability increases, the cost of emerging technologies will decline. This shift will enable all organizations to justify their investment more effectively to bring benefits to 

    Outlook

    We must be cautiously optimistic as AI technology continues to evolve, pharmaceutical manufacturing, packaging and logistics will become increasingly sophisticated. The secure and responsible use of AI is on agenda for most regulatory bogies across geographies.

    As we stand at the crossroads of intelligent machines and human skills, we are reminded by experience that humanity has greatly benefited from technological advancement. By bracing these principles with care and responsibility, we can significantly advance the pharmaceutical sector, ultimately benefiting the society as a whole.

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  • PwC Lays Off 1,500 Staff and 60 Partners in Middle East Amid Saudi Arabia Dispute

    About 60 partners and 1,500 employees were laid off by PwC’s Middle East division as the Big Four accounting firm’s expansion in the region is being severely slowed by a dispute with Saudi Arabia’s sovereign wealth fund.

    According to various media reports, the business started to reduce the number of positions in February after Saudi Arabia’s Public Investment Fund placed a harsh one-year restriction on new consulting contracts for PwC. Reports further stated that this made a larger decline in work for consultancies in the kingdom worse as Riyadh reassesses its massive expenditures over the previous ten years and reprioritises initiatives that had benefited western consulting firms.

    PwC Reorganising its Operations in Middle East Region

    As per media reports citing internal sources, PwC has already started to reduce positions and evaluate performance in the area. According to a media report, PwC’s leadership started figuring out how to cover a potential “large” income deficit in the company’s most recent fiscal year and the following one after the PIF, a significant client, put the firm on “the naughty step”. There is also a change in leadership in the region.

    According to a staff-wide email written on September 19 by PwC UK leader Marco Amitrano, Laura Hinton, managing partner, will take over the Middle East business in October, working alongside Hani Ashkar, the company’s current senior partner. A person knowledgeable on the leadership changes, however, stated that Hinton is anticipated to become the only senior partner after a year.

    The action was taken five months after the PIF ban directly led to the resignation of two top leaders. Massive PIF projects, such as Neom, a futuristic $500 billion development along the Red Sea coast, featured PwC as one of its advisors. The restriction, however, was the consequence of “friction and angst” prompted by the accounting firm’s desire to hire Neom’s top internal audit officer and a reluctance to take on audit work that would interfere with more lucrative consulting contracts, according to persons familiar with those events.

    Revenue growth at PwC’s Middle East division, which is controlled by the UK firm and has been its success story for the past three years, fell to 0.4% in the year to June 2025 from 26% in the previous 12 months, according to figures released recently.

    PwC’s Layoffs Targeted Consulting Roles in Middle East Region

    Partners and employees engaged to work on “transformational” projects have been especially affected by the cuts, which have mostly targeted consulting positions in the firm’s Middle East division.

    Media reports also mentioned that PwC had about 11,000 employees and 500 partners in the region at the end of its most recent fiscal year, most of whom were in Saudi Arabia and the United Arab Emirates.

    The region’s headcount has remained relatively stable despite the reductions, thanks to fresh recruitment in sectors where customer demand is still high. The firm promoted 62 new partners in June and consistently recruits a lot of lower-level employees. PwC still has plans to expand in the Middle East, they added.

    Quick
    Shots

    •Saudi Arabia’s Public Investment Fund
    (PIF) imposed a one-year ban on new consulting contracts with PwC.

    •PwC’s revenue growth in Middle East
    fell to 0.4% in FY25, down from 26% in FY24.

    •Laura Hinton to take over PwC Middle
    East in October, succeeding Hani Ashkar over time.

    •Ban followed PwC’s attempt to hire
    Neom’s internal audit officer and reluctance on audit work.

  • PwC to Cut 1,500 Jobs Across US in Major Workforce Shake-Up

    PwC is the most recent of the Big Four accountancy firms to lay off employees. The company is laying off about 1,500 workers in the US, or about 2% of its 75,000-person US workforce, according to a media report.

     Employees in the audit and tax departments are the main targets of the layoffs. PwC has also made the decision to reduce campus recruitment in addition to the job losses. Nonetheless, the company stated that it will honour all current employment offers given to the interns from the previous year, who are anticipated to start working for the company later this year.

    According to a PwC spokeswoman, this was a tough choice that the company made carefully, thoughtfully, and with a great deal of consideration for how it would affect its employees. The company acknowledged that historically low attrition rates over a number of years had necessitated this action.

    Up For Promotion: Ended up Losing the Job

    According to a media source, Microsoft Teams invites marked as “time sensitive” were sent to the impacted employees. According to the article, one impacted individual stated that several of them were up for promotion, but they are now being cut off instead of receiving a rise in salary and a promotion. Today’s layoffs caught everyone completely off guard.

    Similar actions have also been taken by other Big Four companies. Plans to cut employees in its US consulting division were recently reported by Deloitte.

    According to a statement released last month by Deloitte spokesperson Jonathan Gandal, there is still a high demand for the company’s services overall.

    Based on low levels of voluntary attrition, the firm’s government clients’ changing demands, and moderating growth in some areas, the company is implementing moderate personnel actions. KPMG lay off 330 workers in its US audit division in November, which amounts to around 4% of the company’s staff.

    Layoffs have Become a Common Scenario in 2025

    With big companies like Google, Microsoft, and others continuing to reduce their workforces, layoffs in the tech sector are not expected to halt in 2025.

    Companies are still cutting employees in an effort to simplify operations, save money, and emphasise automation and artificial intelligence, even though these figures are much lower than the major layoffs that occurred between 2022 and 2023.

    Layoffs.fyi, a website that tracks layoffs in the industry, reports that 93 organisations have laid off nearly 23,500 tech workers so far this year, and the number is still growing.

    Google and Microsoft are apparently contemplating a new round of layoffs, according to the most recent job reduction reports. According to reports, AI-led restructuring and performance-based terminations are part of the corporations’ goals to increase the effectiveness of their personnel.

  • Big Four No More: What Does the EY Split Mean?

    The term ‘Big Four’ refers to the world’s largest four professional services networks Deloitte, Ernst & Young (EY), KPMG, and PricewaterhouseCoopers (PwC). Their service repertoire ranges from offering audit, assurance, and taxation to management consulting, actuarial, corporate finance, and legal services.

    The Big Four came into existence only in the late 20th century. Previously the market for professional services was dominated by eight big networks that were nicknamed the ‘Big Eight.’ These were Arthur Andersen, Arthur Young, Coopers & Lybrand, Deloitte Haskins and Sells, Ernst & Whinney, Peat Marwick Mitchell, Price Waterhouse, and Touche Ross.

    It was the gradual mergers between all these firms including the collapse of Arthur Andersen in 2002, that left the market being dominated by the ‘Big Four’ in the 21st century. Such was their market domination that in the year 2011, the United Kingdom reported that 99% of the companies in the FTSE 100 index and 96% of the companies in the FTSE 250 index were being audited by one of the Big Four firms.

    Legal Structure of the Big Four
    Criticism
    The EY Split
    The Effect on the Big Four
    Conclusion

    All four firms are, in reality, professional services network that is owned and managed independently. Each of these independent entities has entered into agreements with the other member firms in the network, which, then, share a common name, brand, intellectual property, and quality standards. In an effort to coordinate the activities of the network, each one has established a global entity.

    Of these four, Deloitte, PricewaterhouseCoopers, and Ernst & Young are registered as a UK Limited Company, whereas KPMG’s registration was under the co-ordinating entity of a Swiss association. Under Swiss law, it changed its legal structure to a cooperative in 2003. It was only in the year 2020, that KPMG became a UK-limited company.

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    Criticism

    Being market dominant for a number of years, the ‘Big Four’ have had their fair share of controversies and criticisms regarding their business practices and ethics, audit quality, tax avoidance, and alleged collusion amongst them. The Public Company Accounting Oversight Board (PCAOB) in the United States did an analysis in 2019 and reported that the ‘Big Four’ had mismanaged approximately 31% of their audits since 2009 with KPMG having the worst audit failure rate of 36.6%.

    May 2018 saw KPMG being accused of complicity and signing off on Carillion’s inflated figures before the company finally collapsed. Two years later in 2020, PwC was facing allegations of a potential interest conflict in its audit of Sonangol as it played a dual role of consultant and auditor. The same year Deloitte was fined 15 million pounds by the FRC for failing to apply professional skepticism in its audit of Autonomy’s financial statements between 2009 to 2011 before it was acquired by Hewlett-Packard. Wirecard’s collapse in 2020 brought to light the poor auditing of Ernst & Young as it failed to discover the missing cash of 1.9 billion Euros.

    The EY Split

    The firm of Ernst and Young, one of the ‘Big Four’ may be heading for a split separating their accounting and consultancy businesses. A top EY official made the observation that this move will help pay the rising technology bills and might be copied by the other ‘Big Four’ firms.

    In the event of a confirmed split, it would be the biggest in the sector since the collapse of Arthur Andersen. The firm of EY is worth approximately USD 50 billion. EY feels confident that the split will make it easier for the firm to raise capital to invest and create two more lucrative firms. The critics, on the other hand, are showing doubt and saying it may adversely affect the auditing side of the business.

    Andy Baldwin, the Global Managing Partner of EY said that if the deal did not go through due to the currently unsettled financial markets, it could be voted on again at a later date. The fundamental drivers of the deal will remain unchanged. He went on to say “It may come to a timing point, so our plan is that we will continue to what we call soft separation next year, and continue to start to run these two businesses separately, albeit they will continue to be part of the single enterprise of EY.”

    EY’s Big BreakUp Plans

    The Effect on the Big Four

    At the time of writing this article the other firms of the ‘Big Four’ have shown no public interest in a separation of powers. However, in the eye of governing bodies trying to sort out the potential conflicts in the global accounting giants and continue to exert pressure, the other firms may not be left with any other choice. Smaller accounting firms may now see a growth opportunity associated with the split.

    If the time comes when the other ‘Big Four’ firms acknowledge the opportunities associated with the split, the fintech market will see unprecedented growth as automated accounting, spend management, and other fintech software will become an inseparable part and tool of the trade.

    Conclusion

    The CMA, in 2018, announced that it would launch a detailed study of the market dominance of the ‘Big Four’ in the audit sector. The UK Financial Reporting Council in July 2020, asked the Big Four firms to submit their plans to separate their audit and consultancy operations by 2024. However, with the EY split looming on the horizon, it seems it might very well be the beginning of a new chapter in the audit and consulting industry.

    FAQs

    Why are the Big Four accounting firms losing their dominance in the industry?

    Big Four’s decline is caused by factors such as regulation, scandals, tech disruption, evolving client demands, and competition from smaller firms with specialized services and lower costs.

    Is EY no more a part of the Big Four?

    EY has announced that it will go ahead with splitting into its audit and consulting divisions into two separate companies.