US life science R&D costs have been increasing year over year, with a 40% increase in R&D expenditures since 2018. In the coming year, a critical shortage of qualified and experienced researchers, increases in oil and utility costs, and the possibility of supply disruptions will put continued pressure on the market, further increasing expenditures. While these factors are outside of an organization’s control, there are still ways to reduce other types of spend, such as lab supplies, in times of rising prices. We will explore five strategies for biopharma and pharma organizations to substantially reduce lab supply spending, creating opportunities to allocate resources to other critical areas.
A strategic lab supply procurement process can help to alleviate some of the pressure wrought by steadily rising life sciences R&D costs. By reducing the labor associated with adding suppliers to their purchasing systems, labs can save upwards of hundreds of thousands or even millions of dollars per year. Lab supply savings can be used to offset other cost increases, playing a major role in what matters most — bringing products to market that serve the greater good. Contact ZAGENO today to learn how to transform your lab supply purchasing strategy.