A New Normal for Life Science Research
To continue where I left off from my previous post, we now have a new normal for life science research:
- Many of the changes are the consequence of the slow global recovery from the Great Recession
- The research funding is difficult in the U.S. and Europe
- There is increased pricing pressure, especially in Academic/Government segments most drastically affected by reduced levels of funding
- Growth in Asian markets may be slowing, but still higher than in the U.S. and Europe
- Huge investments in physical infrastructure and human capital are being made in China, South Korea and Singapore. Japan’s international competitiveness has declined as economic growth has stagnated; but there are plans in place to spur a recovery.
But, despite the financial doom and gloom, great science is still being done across the globe.
As I continue to receive many questions about this topic, I’ve decided to take on the daunting task of trying to answering them all in a new project we’ll be launching at the end of this month. The objective of this study is to assess sources of funding, the competitive landscape and market opportunities for life science tools companies. From the perspective of end-users, the goals of this assignment will be to:
- Understand current sources of funding from government/stimulus/private foundation grants, distribution time frame and how labs initiate applications for funding.
- Compare and contrast FY2013 (actual), and FY2014 (projected) average lab budgets in total by broad product category, region and market segment providing directional information for FY2014.
- Estimate scientists’ budget for purchases and anticipated purchases in instrumentation and consumables, examining trends across key product categories.
- Assess how optimistic scientists are regarding funding and the future of life science research.
This report will be comprised of both secondary and primary research. Secondary research will focus on funding in the United States and Europe and will include an extensive review of relevant research councils, funding agencies and private funding sources. A quantitative survey will be administered to life sciences in the U.S., Europe and Asia who have budget authority. The sample size will be approximately 1,000 respondents with a targeted 75%/25% split by market segment. Scientists working in academia and government represent the non-profit sector, and life science industry will be primarily composed of researchers working in pharma/biotech.
Due to the popularity of this topic, I’ll be hosting another free webinar for all those who were unable to join us last week. I welcome you to join me for this short discussion as I cover the report in greater detail, and for brief Q&A session at the end of the presentation.
Register for the 12:00PM ET webinar on Wednesday, October 9th, here.
Take a sneak peek of my presentation below: