Lab supplies refer to products that are used for research and experiments done in laboratories. The quality of lab supplies is critical while working in a laboratory because it can impact the accuracy of results and save the time taken to perform experiments. These equipment are predominantly used in sectors such as pharmaceutical, consumer, academic, government, and healthcare because of the increase in research and innovations. Moreover, the global lab supplies market growth will increase the quality of testing through the use of premium quality lab equipment.
The Procurement Pain Point
A leading pharma company was going through a shortage of lab supplies and was facing challenges in identifying suppliers in the global lab supplies market. The client wanted a better understanding of the supply market in terms of pricing and service level agreements. Despite having a widespread network, the client lacked insights into the global lab supplies market and approached SpendEdge to carry out a detailed procurement market intelligence study specific to the supply market.
Procurement Insights Offered and the Outcome
To gain strategic insights into the global lab supplies market, SpendEdge deployed a team of FTE analysts who carried out a comprehensive research process including primary and secondary research methodologies backed by qualitative and quantitative data collection methods. We engaged in detailed discussion with the industry experts, procurement managers, client consultants, and client account heads. Moreover, our category experts collaborated our research process with numerous proprietary databases including industry journals and reports, periodicals and news articles, and thought leader briefings. This procurement market intelligence study was a multifold process comprising of information review, information validation, stakeholders insights, and data analysis. The extensive research process helped us provide deeper insights on supply market and service level agreements.
This procurement market intelligence study helped the pharma company with actionable insights on supply market which helped them negotiate contractual terms better. The client was able to gain insights on various cost components and pricing models. Moreover, the pharma company was able to identify major suppliers in the lab supplies market and their key service offerings.
This supply market intelligence study offered the client insights into the service level agreements and pricing models.