Lab Chemicals Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

Every organization and its procurement team look forward to negotiating the best deal while procuring a set of products or subscribing to services. Rate benchmarking involves price/cost comparison of more than one set of products/services to analyze the most efficient combination that can potentially help the procurement team in getting the optimum rate.

When analyzing rate benchmarking of lab chemicals, the location, chemical quality, grade, purity, employees’ level of experience, and expertise play an important role. The laboratory technician rate in the U.S. varies as compared to the countries like Japan, and the UK. The U.S. is one of the top countries in chemical production. The average hourly rate for laboratory technicians in the U.S. is USD 24.71 per hour. On the other hand, in Japan, the laboratory technician earns up to USD 12.3 per hour. In the U.K. the average hourly rate of the laboratory technician is USD 14.3 per hour. In India, a technician earns USD 4.22 per hour. Rising chemical research, and drug development activities along with the growing chemical industry in combination with technological advancements within the U.S. are anticipated to drive the demand for the job resulting in rising rates per hour.

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Labor cost is one of the key components of the total incurred costs while offering a product or service. Therefore, an organization must decide on whether the focus category should be retained in-house or outsourced if the organization is providing its products or services at competitive prices. If the organization decides in favor of outsourcing, it must understand the difference in the salary structures of suppliers before selecting a supplier and formulating a negotiation strategy.

According to our research, the R&D engineer at Thermo Fisher Scientific and Thomas Scientific receive a 5% - 6% higher base salary compared to the salary received by the R&D engineer working in companies such as Avantor, and Perkin Elmer. However, the year-on-year increment rate in all these companies majorly depends on the Key Result Areas (KRAs).

Organizations may find it cumbersome to continuously track all the latest developments in their supplier landscape. Outsourcing the activities related to gathering intelligence allows organizations to focus on their core offerings. At this juncture, our newsletter service can help organizations stay updated with the latest developments and innovations and subsequently assist in preventing disruptions in the supply chain. We have identified the following developments within the lab chemicals category over the last two years:

In September 2023, Avantor formed a partnership with Tobin Scientific. The latter is a provider of biopharma cold chain, ambient storage, and transport & logistics services. The collaboration aims to assist biopharma customers in seamlessly relocating their laboratories, research facilities, and samples from start to finish. This strategic alliance addresses the increasing demand from customers for sophisticated logistics solutions tailored to specific temperature requirements.

In February 2022, Agilent Technologies and the University of Vermont together established the Agilent Laboratory for Chemical Analysis (ALCA). This facility would serve as an important central location/hub for institutional colleagues, regional technologically advanced start-ups, and students. The establishment would enable its interested members to study the form and composition of chemical samples.

In January 2022, Thermo Fisher Scientific acquired PeproTech. The acquiree is a developer and producer of recombinant proteins. These specialized proteins play a crucial role in the creation, production of cell and gene therapies, and various cell culture applications. PeproTech's recombinant proteins portfolio was integrated with Thermo Fisher's existing cell culture media products to provide customers with a unified product offering.