To be lean with your biotech startup spending, you need to be informed and strategic about your purchasing decisions. Assuming a supplier is giving you a good “discount” is not good laboratory practice. Therefore, it’s important to shop around and compare prices across multiple suppliers.

Eight months ago, when we set up the lab, we had a list of 53 chemicals to purchase. Before purchasing, we obtained quotes from three suppliers to compare prices. We chose Sigma for their reputation, Spectrum Chemicals as a local (California) supplier, and P212121 because they are a small business started by a PhD.

biotech startup spending on chemicals

The cost shown represents the quoted total cost if we were to buy all 53 chemicals from one supplier. We strategically selected chemicals from all three suppliers to minimize our costs and ended up paying less than each individual quote (Perlstein Lab Cost).

This strategy saved us at least $2,817.79.

As you plan your lab’s development and purchasing strategies, make sure to always obtain at least 2 prices for all purchases (and the more the merrier). Do you wanna know which supplier provided which quote or have other questions, contact Tom, our Virtual Lab Manager.


Image: (c) Can Stock Photo / JanPietruszka

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