Life science research is weathering an economically challenging time, exacerbated by the federal budget sequestration in the United States and by continued austerity in Europe. Grant money from all sources—both public and private—is increasingly difficult to obtain, and pharmaceutical spending on R&D has flattened following years of solid gains. Throw decreased healthcare spending and a slow recovery from the “Great Recession” into this macro economic mix, and we’ve got the external factors that have led to a new normal that is defined by increasingly constrained budgets.
By contrast, developing nations in Asia—China in particular—are making significant investments in higher education, with a focus on science and technology, including biotechnology. In addition, many global pharmaceutical and biopharmaceutical firms are establishing research centers in these countries, taking advantage of lower cost structures and the new availability of a well-trained work force. Our 2013 studies suggest that average laboratory budgets in Asia are larger than those in the United States and Europe. In this complex macroeconomic environment, life science suppliers are seeking guidance as to how to anticipate market trends in the United States, Europe and Asia in the coming year.
Our upcoming report, Lab Budgets in 2014: The Market Outlook for the United States, Europe and Asia, will explore projected 2014 lab budgets by region and the implications of these findings for the life science tools market in the coming year. In this Q4 multi-sponsor report, we will provide an in-depth exploration of anticipated lab spend for the year 2014. This primary and secondary research will enable suppliers to forecast demand, allocate resources and respond appropriately to the economies of a global market.