How are scientists reacting to the economic crisis?
The life science industry is not immune from the global financial crisis. Pharmaceutical, biotechnology, academic and government labs are bracing for budget freezes and staff reductions. During this tumultuous time in our industry, the opportunity for life science suppliers to thrive-rather than survive-will be predicated on a detailed understanding of how labs will allocate 2009 funds. We will soon be releasing our first report of 200, Prospering in a Down Market: Strategies for Life Science Suppliers. Download the Executive Summary here and take advantage of our pre-publication discount.
The report is designed to provide guidance, backed by hard data, as to how scientists plan to cut corners, modify experiments and change purchasing behaviors in response to shrinking budgets. With unparalleled access to the voice of the customer, BioInformatics, LLC analyzes in this report the broad scope of how scientists plan to control lab costs, what products will be affected and the degree of concern scientists have about the economic climate.
Providing a roadmap for the life science supplier, this study compares and contrasts FY2008 (actual) and FY2009 (projected) budgets, revealing anticipated trends and changes. Expenditures for capital equipment (greater than $25k), instrumentation ($25k or less) and consumables are detailed, and sources of funding for research and drug discovery are listed for both years. Fourteen product categories are examined using multiple variables, including current suppliers, price points that increase likelihood of switching and projected expenditures through FY10. Additionally, the 500 respondents provide insight as to how their labs are adapting to this crisis-through hiring freezes, modifying or delaying experiments and calculating ways to make resources go farther. Armed with this knowledge, readers of the report will be in a much better position to align their resources and marketing efforts in each of 14 different product categories.
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