Advantages of Using a Life Science Marketplace

From Amazon to Airbnb, Ebay to Etsy, online marketplaces introduced new and innovative ways for people and businesses to connect with each other. This shift towards online commerce is not limited to clothing, home goods and groceries. The life science and pharmaceutical industry, have also begun to adopt this model as well.

With billions of dollars in global spend and dozens of obstacles along the drug development process, pharma and biotech researchers are looking for ways that the digital revolution can improve their work, too. So, how can a life science marketplace improve how researchers source the products and services necessary to conduct R&D? Well, there are several ways that an R&D marketplace can help streamline research. Continue on to learn about the advantages of using a life science digital marketplace, Scientist.com. 

Increase Convenience & Efficiency

One of the major drivers of the shift towards the digital realm for purchasing goods and services is the increased efficiency of online ordering. The drug discovery process can be filled with many time-consuming steps and rather than individually researching, contacting and obtaining quotes from different contract research organizations (CROs) or vendors, online marketplaces provide a central location where a researcher can browse through different suppliers and select the one that best fits his or her needs. When performing groundbreaking research and bringing life-saving drugs to the market, researchers do not have extra time to waste performing countless Google searches trying to find what they need, tracking shipments of orders to ensure they arrive on time or filling out the same forms over and over again. In addition, many marketplaces allow customization for companies to create purchasing processes to specifically fit their needs. This is where online marketplaces can really save precious time that can be better allocated to research rather than scrolling through endless pages on Google.

From the perspective of a product and service provider, online marketplaces provide a central location to manage and track orders vs. scrambling over countless files and invoices coming from every direction. Digital marketplaces maintain all client messages in one place to reduce confusion or delays when managing orders.

Ensure Transparency and Compliance

With an established legal framework in place, procurement teams and legal departments can focus more on expediting research rather than spending their time writing up and redlining legal agreements. Avoiding risk is at the forefront of many researchers’ minds when outsourcing their services, especially when it comes to regulated services such as human biospecimen acquisition or studies involving animals. How can researchers ensure that their service provider is operating according to industry and potentially federal standards? By utilizing a marketplace that already has legal agreements and due diligence processes in place that minimize risk, a researcher can outsource with confidence.

Improve Reach & Accessibility

Most online marketplaces have an extensive network of suppliers, which means researchers can access trusted, or ‘preferred’ suppliers, while also discovering new ones that weren’t previously on their radar. Marketplace search features almost always include filters so that researchers can ensure that a vendor meets all of the necessary requirements for external sourcing. It then serves as a platform to connect and engage with all of these providers, all in one place.

For service providers, online marketplaces are advantageous because they allow them to reach customers all over the world. This extended reach is especially useful for smaller companies that have not created a sizable customer base yet, because through the marketplace, they are made visible to a vast audience of customers. Large companies can also increase the ability to reach new clients and manage increases in orders.

Compare & Contrast

Instead of having twenty tabs open on their computer, comparing services and pricing trying to find the best option, online marketplaces allow researchers to centralize searches and compare all available options on one platform. Comparing options side by side and receiving proposals from various suppliers help researchers make an informed decision and maximize cost savings.

To summarise, the main advantages of utilizing a life science marketplace for outsourced products and services are:

• One central platform to search through and discover countless suppliers of research services and products without the necessity of onboarding
• Time savings that allow researchers to focus more on their actual work and less on procurement
• The ability to manage and track orders all in one place
• An established legal framework saving researchers the headache of writing up individual legal agreements for each order
• Greater reach and accessibility to customers and suppliers all over the world through increased visibility on the platform
• Tools to compare services and pricing in order to maximize savings

Scientist.com are part of the BIA Business Solutions programme, helping BIA members save time and resources enabling them to spend money on progressing their companies. To learn more and get involved, visit the BIA Business Solutions page.