Major Shakeup Presents Opportunity to Save on Laboratory Supplies

Recent contract agreements involving two key players in the laboratory supplies sector this past summer has created a major opportunity to take advantage of cost savings on medical and lab supplies. This past June, Biotechnology Innovation Organization and VWR International agreed to extend their existing contract through 2023. Additionally, Thermo Fisher Scientific recently was awarded a supplier contract from BIOCOM Purchasing Group, a buying group for life science companies in California. 

Increased Competition Creates Upside for Executives

As the suppliers compete with one another for business, companies in need of laboratory supplies can benefit greatly as both suppliers are offering special pricing, a wide range of product and services, and major incentives for clients who purchase more than $500,000 in annual dollar volume.

Executives can position themselves to take advantage of this by reaching out to both suppliers (or joining Biotechnology Innovation Organization or BIOCOM Purchasing Group) to communicate their company’s medical and lab supplies needs, providing an expenditure profile, as well as requesting proposals that represent the latest buying group changes and outline the current incentives and programs. Beyond supplies, executives also should consider the cost benefits of utilizing the suppliers’ added services, such as process mapping, that may be offered at no cost for up to a certain threshold of hours. Customers that meet certain expenditure levels also may be able to benefit from a supplier-provided employee to assist with on-site lab and inventory management. 

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