The global laboratory supplies market is expected to grow from $35 billion in 2023 to $47.12 billion by 2027. Most biotech and pharma companies have historically turned to the major distributors to procure their supplies. The question is, who has the power in these marketplace relationships? The buyer or the seller?
To answer that question, it’s important to first understand what a well-functioning marketplace should look like, before you order your favorite pipette.
In the distributor model, distributors serve as the intermediary between manufacturers and the labs. Some distributors merely broker the transaction, while others procure inventory from the manufacturer, warehouse it, and then distribute it. Either way, this model is margin-based, adding unnecessary time, expense, and layers to the lab supply ordering process.
When you compare the characteristics of a healthy marketplace with the distributor model, you see that the buyer is not in the driver’s seat. Since a distributor’s entire pricing strategy is based on margins and lack of transparency, you wind up paying more for the items you need.
Lab supply marketplaces, such as ZAGENO, give the power back to buyers by offering full transparency and an open market. The key is to make the ordering process as Amazon-like as possible, with access to millions of products from thousands of suppliers who transparently compete for your business based on price, availability, and quality.
With ZAGENO, you can build a cart from over 40 million products across 3,500 suppliers, rated according to ZAGENO’s comprehensive, unbiased Scientific Score rating. You can also track costs with ZAGENO’s detailed, up-to-date spend analysis dashboard.
ZAGENO functions as an efficient marketplace should, with competitive, transparent prices set by supply and demand and crucial information, such as delivery dates and inventory levels, updated in real-time and available to all. When suppliers compete for your business, no matter the size, you win. Contact ZAGENO to find out how.