Laboratory Reagents | Intelligence Report

Strategic Sourcing Guide to Laboratory Reagents Procurement

Overview

The market for Medical and Surgical Equipment and Supplies and its sub-segments such as Laboratory Reagents are at an interesting intersection. Companies that serve multiple markets are increasingly facing the dynamism in regulatory frameworks across countries. Coupled with increased costs across the value chain, suppliers are hard pressed to alter their business models and pricing structures to remain relevant in the market.

Buyers that have multiple locations under management are increasingly opting for a single supplier who can deliver the preferred solutions in a consistent manner across locations. Often suppliers with a physical presence across key geographies are preferred in such cases.

Rapid growth in the biosimilar and biologics market and global focus on gene therapy studies for rare diseases have resulted in an increased spend within the broader industry.

Trends like these and many others discussed in this report are necessitating a relook at the way Laboratory Reagents is procured and the procurement cost saving opportunities that exist.

Laboratory Reagents Procurement Best Practices

It has become imperative for category managers to remain as agile as possible in terms of their procurement practices. However, it is not always easy to quickly spot and implement alternative practices in a category like Laboratory Reagents. To help quick decision making, this report advises on several procurement best practices that have worked well for category managers.

For example, Buyers must clearly define clauses pertaining to the ownership of subcontracted services that are not part of their service providers' portfolios. This is necessary to ensure service consistency and control over sensitive data that are shared with sub-contracted firms.

Large organizational buyers can leverage their scale of operations to initiate competitive bidding between suppliers. Competitive bidding would enable buyers to have a better visibility of the market prices and may help identify suppliers that offer the most competitive price offering viz-a-viz other players.

Before engaging in a contractual agreement with suppliers, buyers should focus on identifying and understanding various critical parameters along with their impacts on different procurement models.

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Risks in Laboratory Reagents procurement

Laboratory Reagents procurement managers also need to proactively identify and mitigate potential risks that can arise in the supply chain or contracts for Laboratory Reagents procurement. Some examples include:

Suppliers are exposed to the risk of fluctuating prices of key inputs. This impacts the product price as suppliers would have to increase product price to maintain contribution margins
Suppliers may face a situation where they are unable to honor a contract in its entirety due to shortage of resources, finances or capabilities. While contractual terms safeguard buyers from the non-performance, their operations could still face massive disruptions due to suppliers' non-performance
Procurement without consulting the actual users of Laboratory Reagents may result in a mismatch in expectations of the buyer's internal stakeholders versus the actual contract executed

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Who should read this report

The report is intended to serve as a one-stop reference guide for Laboratory Reagents procurement strategy and offers a perfect blend of category basics with deep-dive category data and insights. Therefore, it is ideal for category beginners looking for “Laboratory Reagents: Procurement Report 101” as well as for category experts actively tracking the global Laboratory Reagents procurement market.

You may have just initiated your research to design a winning Laboratory Reagents procurement strategy, or you may be a category expert looking for strategic insights and updated data.Either ways, the report has your requirements covered.

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Key questions on Laboratory Reagents procurement answered by this report

Procurement decisions can prove to be costly in the absence of careful deliberation and evaluation of every available option. In fact, more than 90% of the decision makers we work with acknowledge that timely availability of up-to-date category intelligence can help them make better purchasing decisions. More than 80% of them believe that in-house category intelligence needs to be updated periodically to achieve full benefits. If you have read so far, we are quite sure you agree!!

The Laboratory Reagents procurement report helps take more informed decisions by placing all the critical information and advice at the fingertips of a decision maker. It also specifically answers some of the key questions that we have been routinely asked during our industry outreach initiatives:

What is the spend potential in the Laboratory Reagents market?
What is the correct price to pay for Laboratory Reagents? What are the key trends and factors that influence current and future pricing?
Which selection criteria are the most important for Laboratory Reagents Suppliers Market?
Who are the top Laboratory Reagents suppliers? What are their cost structures?
Which negotiation levers can reduce Laboratory Reagents procurement cost ?
What are supplier margins in Laboratory Reagents market?
What are the best practices for Laboratory Reagents procurement and what are the potential risks?

SpendEdge Insights has helped procurement professionals and sourcing teams manage multiple spend areas and achieve more than $2 billion in savings. Activate your free account today!

Laboratory Reagents Category Insights: What is inside

The Laboratory Reagents market report offers a complete picture of the supply market and analyzes the category from the perspective of both buyers and suppliers. Analysis of the category trends, procurement best practices, negotiation levers and overall category management strategy advisory are interspersed with in-depth data and commentary on spend outlook, pricing ecosystem and supplier landscape drilled down to a region-level coverage.

Data

A key highlight of this report is the in-depth outlook created on Laboratory Reagents procurement spend and pricing trends. The report further delves deep into the aspects of cost structure, total cost of ownership and supplier margins for Laboratory Reagents. A dedicated section to supplier profiles and evaluation helps decision makers cast a wider procurement net and identify gaps in existing relationships.

Insights

Along with specific category and supplier intelligence, the publication also includes curated insights on Laboratory Reagents market trends, price influencers and inherent risks. These insights help the decision makers prepare for market shaping trends in advance and create alternative strategies for changes in the market conditions.

Advisory

Additionally, the report also advises on the best practices and strategies to manage the Laboratory Reagents category efficiently. Negotiation levers and opportunities are explained in detail along with quantification of their potential. Benchmark KPIs for supplier and buyer performance management are also aggregated to better organize the category objectives. Other themes of advisory include ideal procurement organization structure, enablers to achieve KPIs or category objectives and ideal SLAs to have with suppliers.

Category Ecosystem

Buyer and supplier ecosystem
Competitiveness index
Buyer and supplier power
Threat of new entrants and substitutes

Global and Regional Sourcing Insights

Category spend
Spend growth
Dynamics
Opportunities

Pricing and Cost Analysis

Pricing outlook and data
Drivers of pricing
Cost structure and inputs cost
Total cost of ownership
Pricing models and margins

Cost Saving Opportunities & Negotiation Strategies

Buyer and supplier side levers
Quantified cost saving opportunities
Negotiation strategies and quantified outcome

Procurement Best Practices, Strategy and Enablers

Procurement excellence
Sustainability and innovation
KPIs and category enablers
Risk management and outsourcing

Vendor Analysis

RFx essentials and selection criteria
SLAs
Supplier evaluation metrics
Detailed supplier profiles

Our research is complex, but our reports are easy to digest. Quantitative analysis and exhaustive commentary is placed in an easy to read format that gives you an in-depth knowledge on the category without spending hours to figure out “what does it mean for my company?”

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Category Research Framework

SpendEdge presents a detailed picture of Laboratory Reagents procurement solutions by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key category influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.